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1) Three credit reporting agencies is rediculous. Give me ONE credit bureau so I don't have the feeling that I have three companies with arbitrary rating systems out there.
2) Needs to be a government agency so as to eliminate any profit motive.
3) People need to be allowed to check their credit whenever they please and it should be available to them without having to pay for it EVER. It's MY data. I should have full unfettered access to it.
4) The law needs to clamp down on reporting. I'm sorry, but companies will slap a 30 day late on your credit and report it immediately if you're slow on a payment, but when you pay something off they "forget" to report that and you have to call the credit bureau and then call the company, etc, etc... to get it straight??? BULL****. If they can report negative that quickly they need to be required to report positive data with equal speed and no hoops to jump through. Companies need to be held accountable on this.
5) Credit inquiries should not have a negative effect on your credit... I'm not as sold on this one as others because I get the reasoning for it, but still hate it... For instance, I would like to apply for pre-approval on a mortgage amount to see how much I can afford now and depending on what they come back with I might buy now. If I don't like what I hear I'll wait longer, but I don't want to damage my credit to find out what my credit worthiness is..
6) Not credit bureau related, BUT.... ALL credit card companies need to be booted off college campuses OR they should make a law that credit card companies cannot solicit business from anyone under 21.... 18+ year olds can APPLY for cards, they just shouldn't be tempted with "Here's a free two liter bottle of Pepsi and a coupon for a free pizza for filling out these applications.
Am I out of line here??? Any other things people can think of positive OR negative???
1) Three credit reporting agencies is rediculous. Give me ONE credit bureau so I don't have the feeling that I have three companies with arbitrary rating systems out there.
2) Needs to be a government agency so as to eliminate any profit motive.
3) People need to be allowed to check their credit whenever they please and it should be available to them without having to pay for it EVER. It's MY data. I should have full unfettered access to it.
4) The law needs to clamp down on reporting. I'm sorry, but companies will slap a 30 day late on your credit and report it immediately if you're slow on a payment, but when you pay something off they "forget" to report that and you have to call the credit bureau and then call the company, etc, etc... to get it straight??? BULL****. If they can report negative that quickly they need to be required to report positive data with equal speed and no hoops to jump through. Companies need to be held accountable on this.
5) Credit inquiries should not have a negative effect on your credit... I'm not as sold on this one as others because I get the reasoning for it, but still hate it... For instance, I would like to apply for pre-approval on a mortgage amount to see how much I can afford now and depending on what they come back with I might buy now. If I don't like what I hear I'll wait longer, but I don't want to damage my credit to find out what my credit worthiness is..
6) Not credit bureau related, BUT.... ALL credit card companies need to be booted off college campuses OR they should make a law that credit card companies cannot solicit business from anyone under 21.... 18+ year olds can APPLY for cards, they just shouldn't be tempted with "Here's a free two liter bottle of Pepsi and a coupon for a free pizza for filling out these applications.
Am I out of line here??? Any other things people can think of positive OR negative???
Agree, the whole system if flawsed. As I stated on another forum,
1) I run a home based business, where I buy over $900K a year all on credit. None of this shows up on my credit report. Let me forget to pay one of those bills and it gets posted on my credit report faster then I can write a check to cover it.
2) Income is not part of the equation, which is odd considering that credit is based upon your ability to pay back.
3) Miss a payment, it'll take years to recover
1) 6) Not credit bureau related, BUT.... ALL credit card companies need to be booted off college campuses OR they should make a law that credit card companies cannot solicit business from anyone under 21.... 18+ year olds can APPLY for cards, they just shouldn't be tempted with "Here's a free two liter bottle of Pepsi and a coupon for a free pizza for filling out these applications.
Am I out of line here??? Any other things people can think of positive OR negative???
Makes me so fricken mad
As a mother of a college sophmore, my son was bombarded with credit card offers in his freshman year, heck he was getting them in his junior year in HS. I feel it is so irresponsible of these companies to solicit young adults with no jobs. They bring them in with 0% for six months, then bam it goes to 19% and up.
BTW, I do agree with everything else you listed, but this one really makes my blood boil.
1) Three credit reporting agencies is rediculous. Give me ONE credit bureau so I don't have the feeling that I have three companies with arbitrary rating systems out there.
2) Needs to be a government agency so as to eliminate any profit motive.
3) People need to be allowed to check their credit whenever they please and it should be available to them without having to pay for it EVER. It's MY data. I should have full unfettered access to it.
4) The law needs to clamp down on reporting. I'm sorry, but companies will slap a 30 day late on your credit and report it immediately if you're slow on a payment, but when you pay something off they "forget" to report that and you have to call the credit bureau and then call the company, etc, etc... to get it straight??? BULL****. If they can report negative that quickly they need to be required to report positive data with equal speed and no hoops to jump through. Companies need to be held accountable on this.
5) Credit inquiries should not have a negative effect on your credit... I'm not as sold on this one as others because I get the reasoning for it, but still hate it... For instance, I would like to apply for pre-approval on a mortgage amount to see how much I can afford now and depending on what they come back with I might buy now. If I don't like what I hear I'll wait longer, but I don't want to damage my credit to find out what my credit worthiness is..
6) Not credit bureau related, BUT.... ALL credit card companies need to be booted off college campuses OR they should make a law that credit card companies cannot solicit business from anyone under 21.... 18+ year olds can APPLY for cards, they just shouldn't be tempted with "Here's a free two liter bottle of Pepsi and a coupon for a free pizza for filling out these applications.
Am I out of line here??? Any other things people can think of positive OR negative???
I would have to say, yes you are out of line:
1) always good to have competition. If there were one it would be like the cable company where they don't give a **** if you call gets answered or not.
2) government can't seem to do anything right
3) It's not your data...did you compile it? These companies have to maintain LOADS of data and obviously that is going to come at an expense.
4) They have gotten a lot better about "fixing" things up.
5) Shopping for a mortgage does not have much if any impact on your score. Signing up for multiple revolving debt will have an impact, but there again if you have decent/good credit it does not impact it that greatly.
6) I AGREE WITH YOU WHOLEHEARTEDLY ON THIS ONE!!!! This is how they start the credit trap on a person and it happened to me. I did not even have a source of income and they are giving me credit cards and gifts right in the student commons.
I am a mortgage loan officer and overall I have to say the credit bureaus are pretty accurate.
I would have to say, yes you are out of line:
1) always good to have competition. If there were one it would be like the cable company where they don't give a **** if you call gets answered or not.
Credit reporting should be a non or not for profit business. We have the fair credit act, but it really could use more regulation. These two things would remove the need for competition.
Quote:
Originally Posted by TimtheGuy
2) government can't seem to do anything right
I agree on some points but in this case I think the system would benefit from it, see point #1.
Quote:
Originally Posted by TimtheGuy
3) It's not your data...did you compile it? These companies have to maintain LOADS of data and obviously that is going to come at an expense.
This is semantics. Regardless of who owns the data, consumers should have the right to see the data as frequently as desired at no cost. All of the different products offered by the agencies surpasses the cost of compiling the data and reporting it. Those guys aren't losing money. Again see #1.
Quote:
Originally Posted by TimtheGuy
4) They have gotten a lot better about "fixing" things up.
I agree but there is still room for improvement.
Quote:
Originally Posted by TimtheGuy
5) Shopping for a mortgage does not have much if any impact on your score. Signing up for multiple revolving debt will have an impact, but there again if you have decent/good credit it does not impact it that greatly.
I know after the first mortgage hit the others are aggregated for the next 30 days without penalty. It's only a few points, true. It might not mean much to the guy at 790 but I can believe that some people need every little bit extra they can get.
Quote:
Originally Posted by TimtheGuy
I am a mortgage loan officer and overall I have to say the credit bureaus are pretty accurate.
I could see this being the case overall, and that is what would matter to you as a mortgage officer, but as an individual we only care about our own particular situation. Good overall, is not good enough. My FICO score recently dipped below 700 when erroneous data was added to my report. It took me 3 months to get this corrected and was a 70+ point difference! If I had not stayed on top of the creditor and the credit bureau, PAYING for almost daily access to my reports I'd probably still have the errors and the lower FICO. I am 100% certain their "debt validation" system is in many cases an electronic query to the creditor, to which the creditor's system just replies "Yeah I have their name in my system as owing a debt"....... No actual verification that your name SHOULD be in the system at all.
I hope this doesn't come off as an attack on you or your thoughts, really I'm just challenging the system.
You dont need to pay for new credit reports if you're disputing items on it.
You automatically get a new one when you initiate a dispute.
Quote:
Originally Posted by tlh1005
Credit reporting should be a non or not for profit business. We have the fair credit act, but it really could use more regulation. These two things would remove the need for competition.
I agree on some points but in this case I think the system would benefit from it, see point #1.
This is semantics. Regardless of who owns the data, consumers should have the right to see the data as frequently as desired at no cost. All of the different products offered by the agencies surpasses the cost of compiling the data and reporting it. Those guys aren't losing money. Again see #1.
I agree but there is still room for improvement.
I know after the first mortgage hit the others are aggregated for the next 30 days without penalty. It's only a few points, true. It might not mean much to the guy at 790 but I can believe that some people need every little bit extra they can get.
I could see this being the case overall, and that is what would matter to you as a mortgage officer, but as an individual we only care about our own particular situation. Good overall, is not good enough. My FICO score recently dipped below 700 when erroneous data was added to my report. It took me 3 months to get this corrected and was a 70+ point difference! If I had not stayed on top of the creditor and the credit bureau, PAYING for almost daily access to my reports I'd probably still have the errors and the lower FICO. I am 100% certain their "debt validation" system is in many cases an electronic query to the creditor, to which the creditor's system just replies "Yeah I have their name in my system as owing a debt"....... No actual verification that your name SHOULD be in the system at all.
I hope this doesn't come off as an attack on you or your thoughts, really I'm just challenging the system.
You dont need to pay for new credit reports if you're disputing items on it.
You automatically get a new one when you initiate a dispute.
Right, but my problem was that the credit agency "validated" the erroneous data on my report. I spoke directly with the creditor after the failed dispute and they verified that the data was erroneous and said they'd take care of it. I was told to give the "process" 30 days, which I initially did. 30 days later it was still there. I talked to them numerous times over another 30 day period and they assured me they requested the delete though the normal systems. Meanwhile I talked to the bureaus and they still "validated" the debt; one of them wouldn't even let me dispute again since it had already been disputed and validated before. Finally I called the creditor and asked to speak to management. They took care of the problem and it was gone in about 10 days. Now I know that some of this might be incompetency on behalf of the creditor, but I find it hard to believe that they failed to make the request 5 or 6 times. A huge problem I see is that if the bureaus had done any amount of REAL validation for this dispute initially, it would have been gone from my report a long time ago. The point for me is that the dispute system is flawed and I needed frequent access to my reports in order to make sure the creditors and the agencies were doing their jobs.
My other favorite thing is how inconvenient it is to cancel the reporting or monitoring services the bureaus sell. I don't think I've seen an actual cancel button for any of their products on their websites, you have to call or send an email! Funny there aren't those hoops to jump through for purchasing the services.
My other favorite thing is how inconvenient it is to cancel the reporting or monitoring services the bureaus sell. I don't think I've seen an actual cancel button for any of their products on their websites, you have to call or send an email! Funny there aren't those hoops to jump through for purchasing the services.
In fact, much of the time they just throw the hoop over you. No jumping required. Simply by purchasing your credit score you get auto-enrolled in credit monitoring and yes, It's a PAIN to stop.
Currently paying $20 a month for both my wife and I for a monthly report that says, "No credit inquires this month"..
Income should never be a factor in the credit ratings.
A lot of millionaires pay everything in cash...and forget to pay their credit card bills.
If it was based on income..most of the Americans would have poor credit due to SPENDING MORE THAN WHAT YOU HAVE.
If 900k was spent and it's not showing up on your personal report, then it might be that you're using your 'business' credit not personal.
There are business credit reports as well as personal.
Not one of my bills show up on any credit report because they simply arent reported. When setting up new accounts, they simply ask me for other companies I do business with, they call around, see I pay my bills, and then established internal credit lines for me. These credit lines do not show up on credit reports for me, or my DBA, which uses my SS# as a sales tax ID as I claim my business income on my personal tax returns. Credit reports are never pulled.
As for income not showing up, I disagree.. One item that should be tracked is income vs debt. In my instance, Income of $1,000,000 and expenses of $900,000 does absolutely nothing, up against my total debt of $50,000 left showing on my credit report.
Right now, $50,000 worth of debt seems like a lot because its "new" debt until you look and see that its only 6 months worth of net profits. Huge difference in making $20K a year, showing $50K worth of debt.. and showing $100K in net income, with $50K worth of debt.
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