Time for some new laws.

[Anonymous]

It is time for some new laws. The following should be enacted: 1: Substantial penalties for any and all of the shenanigans that people here have had pulled on them. Penalties in the hundreds of thousands to millions of dollars range. It is time to put some creditors, CAs, and other financial institutions out of business in punishment for their actions. 2: Mandatory rapid response requirements for positive reports to credit bureaus and favorable adjustments to credit scores. They're spit-spot on recording any bad action but do nothing or next to nothing on timeliness for dealing with positive reports. 3: Reduce the minimum time credit bureaus have to respond to disputes. If they do not respond to a dispute from a consumer/debtor in a RAPID and SUBSTANTIVE manner, determined by law, not the bureaus, then the dispute MUST be accepted by the bureau. 4: Mandated open calculation laws on how scores are done. If a bureau publishes a score, it must divulge, in an easily accessible and public manner, EXACTLY how such scores are calculated, pursuant penalties of prison time and millions of dollars (or billions of dollars) in fines for not publishing their calculation method.

[Anonymous]

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UnderTheKnife wrote:
 The following should be enacted: 1: Substantial penalties for any and all of the shenanigans that people here have had pulled on them. Penalties in the hundreds of thousands to millions of dollars range.

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I get the rest of your post, but why this part?  I say subastantial REWARDS!!!

[Anonymous]

I'd much rather see reporting times changed. It is ridiculous for a late payment to show up on your credit report for 7 YEARS! I believe that it should be a system where if you don't have another late for 2 years it drops off, if you do have another late the time just continues to rest going by your last late payment with no late payment staying on for longer then 5 years.

[Anonymous]

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db23 wrote:
I'd much rather see reporting times changed. It is ridiculous for a late payment to show up on your credit report for 7 YEARS! I believe that it should be a system where if you don't have another late for 2 years it drops off, if you do have another late the time just continues to rest going by your last late payment with no late payment staying on for longer then 5 years.

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Right On!!!

If that were the case I'd be one HAPPY gal!!!  So from your lips (fingers in this case) to the law makers'/FICO gods' ears!!

[Anonymous]

I totally agree with you Undertheknife..   I don't think that God forbid if I had a late payment that I should be penalized for 7 years for each late, who knows what may have come up.  I could have lost my job, been in the hospital and had no one to make my payments for me, could have been homeless, they don't know.  I say 1 year penalty and additional 6 months for each late after that.  At the rate the Fico system is set up, you will never have a clean record.  Just think if you had 4 lates at different times, different years, you get stuck with lates showing for what a total of 28 years?  This is ridiculous.

Eve

[Anonymous]

I agree - you are SPOT-ON - you go!  We need to hit all 50 states though - TX seems to have some pretty tough laws and I wish today I was in TX because the firm I went up against has over 40 lawsuits against them in TX for all the crud they are pulling!

Let us know if you ever need any backup!

[Anonymous]

This topic is near and dear to my heart. I recently wrote an article for my business clients and the gist of the article is that a person could apply for credit, charge up a bunch of debt, sell the "goods" on e-bay,  commit a(nother) crime, go to jail for 7 to 10 years and come out of jail just in time for the all the charges to drop off their reports.

In essence, this person would have better credit than most people who are law-abiding citizens, trying desperately to clear up their credit mishaps. Granted they would probably have to apply for a secured card  to reactivate their revolving credit, but heck they would be in better shape credit-wise without ever filing Bankruptcy.

2-3 years is sufficient to teach consumers a lesson about the importance of credit being a privilege.