Possible actions against credit bureaus...

[Anonymous]

I hate new laws and regulations. I'll state that right up front.

But in the case with Credit Bureaus, something has GOT to be done and it's GOT to be done soon. I am going to meet soon (within the next 30 days) in person with my Congressman and work directly with him to introduce and PASS new rules that need to be followed by all three bureas.

I will propose:

1. All corrections to reports requested by consumers must be investigated and closed/resolved within 3 business days. To heck with the decades-old "30 day" time limit. In today's electronic age, everything can be verified instantly and securely using internet and web-based technology.

2. If there is no response after 3 business days, the account will be removed from the consumer's report, and there will be a stiff fine if it appears again after being removed once.

3. If a company or business inquires about your credit history, that company or business will be required to report your good payment history to all credit bureaus.

4. All bureaus will be required to post all reported information within 3 days of receiving it.

5. If a company or business judges your credit worthiness using your FICO or any other score, the bureau they used will be required to reveal that score to you at no charge.

Why all these new laws? Because frankly, yes... we're all responsible for our own finances, absolutetly. But if our credit scores and files take a dip, the credit bureaus and many creditors have had a vested interest in slowing down improvements and in keeping our scores as low as possible as long as possible. They're hawking all this "buy your score... buy your report... join this... join that..." all because we're held at bay from rapidly correcting and/or improving our histories.

It's a brilliant plan on their part, but it screws the consumer long term. BIG time.

[Anonymous]

what state are you in?

[Anonymous]

the only problem I have with your suggestions is the 3 days.

It takes 1 day for an look into an inaccurate database with the same bad information.

We should ask for a 7 day electronic verification and a 14 day manual verification.

We should be able to sue for each inaccurate mark that is manually verified.

[Anonymous]

I agree 7 & 14 days  sound better.

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Timothy wrote:
the only problem I have with your suggestions is the 3 days.

It takes 1 day for an look into an inaccurate database with the same bad information.

We should ask for a 7 day electronic verification and a 14 day manual verification.

We should be able to sue for each inaccurate mark that is manually verified.

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[Anonymous]

Well all I can say is it's great you are trying to get involved but if you think that 1 congressman can get something like this pushed through congress and signed by the president to go into law you might be a little fuzzy about the whole process. Don't get me wrong, we are in dire need of some reform but unless there is a grass roots uprising on something it's VERY VERY difficult to get something that would hurt big business like this would pushed through congress. I wish you the best and thank you for at least trying.....

I am assuming you mean federal and not state.....

[Anonymous]

I love your ideas and everyone should be going to their congress person.  You are right, we are responsible for our own finances.  However, we keep spending money as you mention to get our credit cleared up, they use electronic means to verify rather than verifying the way they should and the CAs continue to get away with ruining, double & triple reporting items, they don't READ disputes...something has to change but it won't until we all take a stand!

[Anonymous]

Hey folks, thanks for the continued feedback. Let me respond to some of it...

There's no need to play the "waiting game" on responses any longer. No more 30 day lead times, and no, not even a 14 day or 7 day lead time. Seriously.

On disputes that come in electronically to the bureaus, those can immediately be channeled to the creditor within a matter or seconds. The creditor receives notice of a dispute and can either validate the debt or information about the debt in an instant, or they can simply respond "dispute honored" or not respond at all, meaning that the item will either be corrected or removed.

How would each of you feel if you went to check your bank balance via an ATM or over the internet, and you get this answer: "we are allowed 30 days by law to research your balance request before we respond back to you"...

The long wait times with the bureaus is SELF-SERVING to the bureaus, and they darn sure know it. It's time to hold them accountable and that time is now.

[Anonymous]

Funny you are mentioning this.  I was just thinking about making an appointment with my representative about the same thing.  I agree something needs to be done and that people need to stop TALKING about it and DO something.  Continuing to play the FICO game only perpetuates that this montrosity is unfair and overly burdensome to consumers.  I have already identified who I am going to talk to and have some similar suggestions.  Complaining to each other may help us individually but some wholescale changes need to take place.  The FICO scoring system and the credit bureaus are costing people who have the least money the most money.  It just doesn't make sense. 

[Anonymous]

Point well taken, Doo... I've already called to request a meeting with my congressman. This is a national and federal issue, since the bureaus are regulated by the Federal Trade Commission.

I'd really like to "rock their world" with some new consumer friendly laws, wouldn't you?

[liz9100]

how did this meeting go and has anything happen with it yet? They really need new laws for a credit company. You service less time when you do a crime but get more hell for not paying on time.