Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Because, they are private businesses. And business is in business to make money
And in defending them you've underlined the most major problem with this system. A private entity should NOT have control over something this valuable and personal.
Profit motive in this line of business is a MAJOR conflict of interest IMO.
I'm typically against more government involvement in business, but this business needs to be regulated extensively.
Again, ZERO reason for there to be three agencies. Let's start there. It makes it a MAJOR headache to correct things when two agencies report one thing and the third doesn't. Then about the time the two correct it the incorrect data hits the third while you think everything is okay.
The formula for figuring these scores needs to be made a bit more clear as well. My primary concern being that these companies, as it stands have ZERO incentive to report items correctly.
And in defending them you've underlined the most major problem with this system. A private entity should NOT have control over something this valuable and personal.
Profit motive in this line of business is a MAJOR conflict of interest IMO.
PLEASE! I consider water and sewer service "valuable" and necessary - who runs mine? Two different, for profit companies
I consider electricity important too - Yep, you guessed it - a private, for profit company runs it
You are sounding like you, or any other person is going to get a update on their credit report on a daily basis - and that is not going to happen
Three Agencies? Yep - they collect different data for different types of users. For instance - one even updates criminal (public record) history. The other two do not
Credit card issuers are interested revolving credit issues primarily. Home mortgage companies are interested in that and other issues. Landlords don't really care about mortgages but, are really interested in your eviction records
I agree on the confusion with the FICO (Fair Issac and Company - an accounting firm in SFO who developed it) scores - transparency in exactly what those scores, i.e deductions, is due out next year -
And actually, they have tremendous incentive to report accurately - have you looked at the penalties if they don't correct errors in a timely manner?
A) You get a free report each year (yet, over 60% of Americans have never seen their own credit report - even once - even though it is FREE)
B) For a small fee, you can get more reports (you are not going to get one every day or every month)
C) If you discover an error and you notify the bureaus, they have a very limited time to correct the error or, tell you why they will not. AND, you can request a FREE copy of the updated report
D) If there was misinformation, you can request the bureaus to send updated reports to anyone who has made an inquiry into your credit in the past year
E) If you get turned down for extension of credit - you can request a FREE copy of the report the creditor relied on - [/quote]
In my opinion, the system "ain't broke". Consumers have the tools available to them to verify, and correct, errouneous information.
PLEASE! I consider water and sewer service "valuable" and necessary - who runs mine? Two different, for profit companies
I consider electricity important too - Yep, you guessed it - a private, for profit company runs it
Spare me.... All one needs to be concerned about with these entities is that you need to pay your bill. You really want to get into a debate about how that's different than monitoring one's "credit worthiness"???? I flush the toilet X amount of times I'm paying for it.... I run the A/C for 7 hours a day I'm paying for it. I know this. It isn't some mysterious reporting system that I'm kept relatively in the dark about that I am responsible for monitoring apparently, but must seek out the information to do so. Even though it's about the most important information about ALL of our lives...
Quote:
Originally Posted by Greatday
You are sounding like you, or any other person is going to get a update on their credit report on a daily basis - and that is not going to happen
A little reverse hyperbole man.... Not saying that at all, but do you think that once a quarter is unreasonable or unnecessary??? What gives them the right to charge me for MY information???
Quote:
Originally Posted by Greatday
Three Agencies? Yep - they collect different data for different types of users. For instance - one even updates criminal (public record) history. The other two do not
Credit card issuers are interested revolving credit issues primarily. Home mortgage companies are interested in that and other issues. Landlords don't really care about mortgages but, are really interested in your eviction records
One agency, one report. PERIOD. Equifax, Experian, and TransUnion, whatever..... We don't need three and why you'd defend the need for three is beyond me.
Quote:
Originally Posted by Greatday
I agree on the confusion with the FICO (Fair Issac and Company - an accounting firm in SFO who developed it) scores - transparency in exactly what those scores, i.e deductions, is due out next year -
Gee, just in the nick of time.... It's only been..... How many years now??? And even then it will be some vague notion that is Greek to the average consumer.
Quote:
Originally Posted by Greatday
And actually, they have tremendous incentive to report accurately - have you looked at the penalties if they don't correct errors in a timely manner?
My point is that these ERRORs shouldn't freaking be happening with the frequency that they happen in the first place!!! On top of that it's MY job to find THEIR errors while they are charging me for the information to find the errors!!! It's a bullcrap system!!!
And then I have to somehow PROVE that I'm right??? NO!!! You PROVE that I owe that!!!!
Quote:
Originally Posted by Greatday
A) You get a free report each year (yet, over 60% of Americans have never seen their own credit report - even once - even though it is FREE)
Another mega-crock.... I get a social security statement mailed to me every year. This is the same type of thing that should be provided TO me. I shouldn't have to jump through hoops to get it.
Quote:
Originally Posted by Greatday
B) For a small fee, you can get more reports (you are not going to get one every day or every month)
And again. It's MY information. A small fee would be $5 to cover shipping or something. $20 per report is still a rip off to be provided with your own personal information UNLESS they devise a scheme or scoring that is logical and people can track it themselves.
Quote:
Originally Posted by Greatday
C) If you discover an error and you notify the bureaus, they have a very limited time to correct the error or, tell you why they will not. AND, you can request a FREE copy of the updated report
So let me get this straight..... I'd have to actually HAVE a report in order to find and error in my report. THEN I can request a FREE copy of an updated report??? Bullcrap. I shouldn't HAVE to request a DANG THING!!!! They should contact you personally to let you know it's fixed!!!! THIS IS CRAP!!!
Quote:
Originally Posted by Greatday
D) If there was misinformation, you can request the bureaus to send updated reports to anyone who has made an inquiry into your credit in the past year
E) If you get turned down for extension of credit - you can request a FREE copy of the report the creditor relied on -
Again, why they can't just tell me at the time makes no sense and I shouldn't have to request this.....
Quote:
Originally Posted by Greatday
In my opinion, the system "ain't broke". Consumers have the tools available to them to verify, and correct, errouneous information.
It's a crock that so many errors occur on seemingly EVERYONE'S reports and yet WE are responsible for correcting them. It's a PAIN and you are well aware that it is not easy and yet you defend the system.
Explain why we can't have one regulated system that does everything that these three mysterious entities do??? Explain why these companies have ZERO responsibility to verify information given to them and it is put upon the individual to find their mistakes??? Explain why they readily accept a creditors bad information about a person, but require a top secret security clearance to get it removed??? Explain why we need to contact THREE companies to correct one false report???
And on and on..... Oh sure, the system isn't "broke" per se, but it is purposefully inefficient on the side of creditors. Somehow I think that's why you like it.
Spare me.... All one needs to be concerned about with these entities is that you need to pay your bill.
And on and on..... Oh sure, the system isn't "broke" per se, but it is purposefully inefficient on the side of creditors. Somehow I think that's why you like it.
Well, inasmuch as I am a consumer, and one who has had to correct my reports, I do, as I have previously pointed out, understand your frustration.
However, I don't personally see anything to get as extremely excited about (as you seem to be) with the current reporting system. So, I suppose we simply will have to agree to disagree on the supposed problems that you seem to feel so strongly about.
Well, inasmuch as I am a consumer, and one who has had to correct my reports, I do, as I have previously pointed out, understand your frustration.
However, I don't personally see anything to get as extremely excited about (as you seem to be) with the current reporting system. So, I suppose we simply will have to agree to disagree on the supposed problems that you seem to feel so strongly about.
I apologize for the tantrum ( ), but yeah. I'm one of those who got credit cards in college and screwed up my credit and have been struggling to repair it ever since (going on 13 years now).... It's okay now, but some of these struggles are so unnecessary and inefficient and yeah, it's frustrating...
Because, they are private businesses. And business is in business to make money
No brainer really
Are you for real? The credit bureaus make $$$ from their clients (banks, creditors), not from the subjects (consumers). If they aren't making enough money to allow the consumers to verify the information, they need to charge their clients more. Pretty simple. It's a matter of the regulations getting fixed so as not to allow the bureaus to victimize the third-party (consumers) of their business operation due to the bureaus' foul-ups. The bureaus' foul-ups cost the consumers ACTUAL TIME AND MONEY, get it? How can we get the bureaus to feel at least some of the costs of their own foul-ups?
Last edited by ParkTwain; 10-08-2007 at 12:19 PM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
), but yeah. I'm one of those who got credit cards in college and screwed up my credit and have been struggling to repair it ever since (going on 13 years now).... It's okay now, but some of these struggles are so unnecessary and inefficient and yeah, it's frustrating... 
