Ethics or not

[MidnightVoice]

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TheNewWorldMan wrote:
now up yours

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I agree with that remark 

[Anonymous]

My whole issue is whether it is ethical or not to penalize persons who have made some credit mistakes, missed the payment date by 15 seconds before close of the business day, was dead or otherwise occupied and couldn't make the payment have to suffer for 7 years of that negative sting?  That is a long time and sure by then if you are not insane like we are now from this forum making sure that we are not late, chances are you are going to be late again, get sick, get laid off, or whatever and the cycle will continue. 

[Anonymous]

In my case I have no doubt that the huge amount of crap I piled up upon myself

is soley my fault, I have had CA'S pulling all kinds crap on me especially since

I have initiated the repayment processes and all of a sudden I got these clowns

coming out of the woodwork calling in laws numbers whom I havn't ever lived at.

I have to think that there motives are strictly greed and they will stop at nothing to

get there money, I have talked to and paid off accounts with decent creditors who

after payment took off the negative issues from my reports as soon as it was cleared

and I have had others who were just arrogant and ignorant and would not sway one way

or the other so I will dispute those numbnuts till the cows come home cause thats there

game that there playing so there are no ethics involved in that situation they threw those out

when they started calling people who have nothing to do with my debt and have treated me

in the most disrespectful manner all for a few hundred or thousand dollers..

I figure some of it is ethical and some of it you take the gloves off and duke it out as best you can

and in each situation it is different but I will use whatever tool that is at my disposal because

ethics is not going to clear up my credit and the goodwill of every single CA out there is not going to come out even if I have paid it all back wich I just about have done, they need a push and I will shove

a little bit too...

[MidnightVoice]

The FICO score predicts the likelyhood of someone repaying a newly incurred debt.  It is statistical, and based on what people with a certain credit profile have usually done, and how well they have repaid debt.  So one 6.5 year old 30 day late will not affect the score very much.

But a bunch of 90 day lates for the lasy 3 years will.

It DOES NOT take into account the individual, it can't, it is statistics.  But it is pretty succesful at predicting the average.  The only way to refine it for an individual is for a real live person to talk to that individual and make a choice that the individual is better than their score would suggest

[Anonymous]

You have some great ideas. Maybe we should all be proactive and write our congressman or congresswoman and get the ball rolling on making positive changes to a falty system.

[Anonymous]

Personally, I feel once a person pays a collection or chargeoff account in full, the TL should be deleted. Listing an unpaid on a CR is a good method of letting lenders know of past problems. However, once a person takes care of their obligation there is no reason to keep the listing.

[Anonymous]

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@Anonymous wrote:
You have some great ideas. Maybe we should all be proactive and write our congressman or congresswoman and get the ball rolling on making positive changes to a falty system.

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It would be easier (and more fun) to try and move the Earth out of its orbit than to try and get Congress to do anything different.

[MercyMe]

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TheNewWorldMan wrote:
I think the whole credit scoring and reporting system needs to be reformed, at several levels.

First, I think a CRA should be required to mail proof of an item to a consumer at the time the item is entered onto the consumer's credit report. This includes the original instrument that resulted in the debt being incurred. Any item on a CR would have to include the original creditor, the contact information for the current creditor, the account number, the balance, and the type of debt. Double-listing of a bill would be eliminated. If you owed $379 to the power company, and the power company charged off the account to a collection agency, the entry for the power company would be eliminated and replaced with the CA's entry.

This would prevent about nine-tenths of disputes, and substantially decrease inaccuracies in credit reports. Some shady collection agency couldn't just phone a CRA and say, "John Doe owes Mountain Dental some money," and put something on John's CR. The CRAs could essentially turn to questionable CAs and say, "we've upped our standards, now up yours!" If an item was on your report, odds would be about 30 to 1 that the item was accurate. This would make it more difficult by far for people to abuse the dispute process, while making the process itself unnecessary in the vast majority of cases.

Second, the reporting and scoring system needs to be overhauled to make it at least a bit more friendly to people trying to settle past debts. FICO should decrease the hit the consumer takes for charge-offs and collections that are paid. Right now consumers are obsessed with nuking baddies off their CRs because they have no other way to deal with baddies that will actually make any difference to their credit scores. Collection agencies should have to report a payment to all CRAs within seven business days--no exceptions.

Third...people in this country need to manage their money better, and not rack up huge bills in the first place. Now I'll concede in some cases people go into the red on medical bills, and that is at least substantially beyond the control of some people. (Of course, we can't have a national health care system or we would be impoverished, diseased and starving like everyone in Europe, right?) ;-) But in many others, people treat credit cards like cash assets. Wrong.

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Double high-five plus five more NWM!!  Who do we write?  Where do we sign?  Who do we lobby?  When and where do we begin?

[MercyMe]

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@Anonymous wrote:

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@Anonymous wrote:
You have some great ideas. Maybe we should all be proactive and write our congressman or congresswoman and get the ball rolling on making positive changes to a falty system.

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It would be easier (and more fun) to try and move the Earth out of its orbit than to try and get Congress to do anything different.

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Indeed ...  even if you were to get it past the doors and onto the floor, it would take 10-12 years to debate.

[Anonymous]

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@MercyMe wrote:

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Double high-five plus five more NWM!! Who do we write? Where do we sign? Who do we lobby? When and where do we begin?

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Thanks for the compliment...but the answer is we don't. We're not a multibillion dollar corporation, so no one in Congress cares what we think. Instead, we wait in the shadows for the system to collapse--it's well on its way--and when it falls apart we emerge and create a new system according to our will.