Law Mandating Which CRA the Bank Will Pull

[fused]

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@DI wrote:

Speaking for myself,  the majority of the times, I'm not accessing the website from a computer.  I access it from my BlackBerry.  And on days when I'm on this site throughout the day,  I'm usually at work for 8 hours. 

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Are you self-employed, or does your boss allow you to surf the internet?

[DI]

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@fused wrote:

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@DI wrote:

Speaking for myself,  the majority of the times, I'm not accessing the website from a computer.  I access it from my BlackBerry.  And on days when I'm on this site throughout the day,  I'm usually at work for 8 hours. 

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Are you self-employed, or does your boss allow you to surf the internet?

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I work at a college.  We have a lot of freedom. 

[Anonymous]

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@Hopelives2 wrote:

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@Anonymous wrote:

Maybe I need to reword my subject line.  I am wanting a law passed that mandates creditors to disclose which credit report or reports they plan to pull on the application. 

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There will also never be a law which mandates a potential creditor inform you which CRA they intend to pull.

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Because underneath the veneer, you're really President Obama?  or secretly part of the finance division of congress?

Sorry, I can't help but be irritated every time you spout something as fact when in fact, it is merely your opinion based upon your own experiences within your own jurisdiction which last time I checked is the state far west of everything else in the U.S. (you know the other 47 contiguous states).

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Just because you are confused doesn't mean everybody else is. 

It will never -- ever happen unless the Constitution is changed.  I know that is a difficult concept for you to grasp, but there's still hope for you.  Then there is the pesky little issue of logic -- nobody will legislate a system where people -- maybe like you -- can game the system and potentially defraud creditors. 

[Anonymous]

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@GregB wrote:

Well, O6 is stating an opinion. However, his opinion is based upon enough knowlege and experience that you can consider that it is fact. In other words, it is an extremenly good opinion based upon extensive knowledge of the laws and the way the law works at the federal level.

Anyone else who is an attorney and has the experience and discipline required to be an O6?

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There is no need to be an attorney to figure out that the issue is a non-starter.  Others have already hit upon several deal-killing obstacles.

There's the very real issue of fraud.

There's the 200+ year old fundamental right a person (including a business) has to deal with any other of their choosing.

There's the 200+ year old fundamental right of not having to reveal who you associate with.

There's the pesky little issue of trade secrets.

There's the fact that credit is not an entitlement.

The fact that having only one (as some suggested) CRA would be in violation of so many anti-trust laws.

The fact that the implications would be so far reaching that virtually every type of background / security check could be easily defeated.

But perhaps "never" is not the right word.  So let me rephrase it:  A law mandating a bank reveal which CRA they intend to pull will happen only when pigs swim on the ocean floor.

[ReVeLaTeD]

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@Walt_K wrote:

Also, the suggestion raised above that the lender should have to consider alternate reports is misguided.  Lenders don't have to issue you credit.  If they think that one CRA is the best, most accurate, offers them the best deal, etc., that is the one they can go to.

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You know good and well that your last sentence is so faulty it reeks of blind sensation.  And I say that not to insult you harshly, but to inform you gently.

Banks DO NOT run credit reports from bureaus they think are "...the best, most accurate".  They do it based on where you live and the price they are charged.  Anyone who thinks that such a system is proper is fooling themselves.

A disclosure system PRIOR to application would be ok.  I just think it won't be effective unless one has the right to request a different bureau be pulled.  TO me that's a basic consumer right given the credit report is MINE.  The only way around that is a single bureau.  Otherwise you're adversely affecting people.  We wouldn't have FACTA if someone somewhere didn't think things were starting to get out of hand.  I simply think it doesn't go far enough.

I'd be satisfied with an arrangement that the credit card company be required to add verbiage to their credit card applications, prominently and in close proximity to the application or "Apply Now" button, that says something more clear than what they currently do, something along the lines of...

"By submitting an application for credit, we will run a credit report from one or more credit bureaus.  The bureau(s) selected may vary depending on where you live <list the state and what bureau is pulled for each state, or all three if they pull all three>, but we retain the right to select a different bureau depending on internal decision factors.  This credit request is known as an inquiry, and may negatively impact your ability to apply for credit from other companies."

That would be more than sufficient to meet the OP's suggestion.  And no, O6, I don't care that "It'll never happen".  The purpose of a discussion board is to discuss a topic, irrespective of what you think, lawyer or no.

[MarineVietVet]

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[Barry]

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