It's not just My Jewlers... AG Jewlers, New Coast Direct, Ox Publishing and any other primary trade line that was helping individuals increase their credit score are no longer allowed to report to Any of the credit bureaus.
The credit bureaus in April introduced a new scoring system. The scoring system allows the credit bureaus to do a two year look back on anyone who had a credit score less than 700 prior to the new system being in place.
I few months ago I notice that they were removing primary trade lines and authorized users accounts and I immediately thought it was done to make sure people who increased their score quicklly would be subjective to the rules of the new system.
I also thought it had something to do with EIDL loans. To qualify for the EIDL loan inviduals have to have at least a 650 credit score. There was a huge surge of people successfully increasing their credit scores by using primary trade lines, which undoubtedly caught the attention of the government.
Two months ago I spoke with the finance company for My Jewlers and he told me that without notice they were told to immediately stop reporting.
I was also told that they were told that people should not be using the company to increase their credit score that the accounts should be used for purchases. I find that statement to be hilarious considering the fact that all 3 credit bureaus have recently started programs to increase your credit score. Look at all the commercials for Experian Boost SMH.
What most people don't know are the Laws that govern the credit bureaus. If they did they would never use Experian Boost to increase their score. When you give Experian your permission to view your bank account and search for creditors you pay monthly you also admit to having those debts. This means that you can't dispute anything they used to increase your credit score or anything they can prove you paid.
if you use a credit repair company the first thing they tell you is Not to pay on collections. Paying on a debt is an admission of owing the debt.
There is also something called the Fact Act... it basically says that the only way company's can obtain... buy , sale or demand payment using the cosumers credit report is during a credit transaction. This law is why Liens, We Enengy, child support debt, and Judgements are no longer allowed to be included on credit reports. The Fact Act is voided if the consumer gives permission or admits to the debt, there is a court order or if there is a business transaction.
Experiam boost affects consumers rights afforded to them by the Fact Act.
Bottom line is what they are doing to consumers is wrong ! The problem is consumers are oblivious to the fact that they are being screwed because they don't know their rights or the laws for credit reporting.
