757 FICO (meh) - I recently had to cheque my ego, I was allowing these limits and numbers or my 'Dr' title to define me or make feel grand like they matter if a nuclear bomb is 4 minutes out, or a meteor is 11 minutes away, or I am hungry or see someone else who is hungry, wage slavery, divide and conquer the masses, etc. what's $ if I have no soul, no MIND- anyways - I have credit with all the key players and will work on letting these accounts settle. I have no past dues, collections, etc. Utilization is 38% and several recently opened accounts. Moving forward, I happen to log into Credit karma last week and noticed an NEW COLLECTIONS! Convergent Outsourcing - T-Mobile - it appeared to only be showing on my TransUnion - I immediately called them to dispute. Which leads me to this thread.
The Fair Credit Reporting Act is the primary statute that attempts to impose limitations on the credit reporting agencies. I would suggest, if you feel that additional limitations are needed, that you contact your senator or congressman with suggested changes.
FCRA 602 reads:
“602. Congressional findings and statement of purpose [15 U.S.C. § 1681]
(a) Accuracy and fairness of credit reporting. The Congress makes the fol-lowing findings:
(1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.
(2) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers.
(3) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers.
(4) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy.
(b) Reasonable procedures. It is the purpose of this title to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this title. “