My big problem with the whole system is that: 1. If they are going to be making money off of MY information, they should also be legally responsible to ensure that the information is accurate. I shouldn't have to police something that someone else is profiting from. If they post false or incorrect information, then they should be just as legally liable as someone who commits slander or libel against me as it essentially has the same effect.
2. It should also have "official" mechanisms to explain bad debt like illness or unemployment. There is a huge difference between someone who didn't pay their bills because they lost their job and someone who got something on credit and tried to skip out on paying. The current system is way too one-sided and just doesn't show the whole picture. A simple chart, similar to the one they have for your credit that can display periods of unemployment or illness...unemployment can come from the government and Dept of Labor records...illnesses can be consumer submitted (with a doc's signature of course to prevent abuse). I just think that treating someone who fell behind because of circumstances beyond his control and someone who fell behind on purpose is plain wrong. 3. There should only be one. There really isn't any competition with 3 and all it means is that we end up with 3 very widely varying scores. Granted #1 would solve the main problem of disparate scores, but it would be more uniform if there was just one agency. 4. While giving us once a year access was a vast improvement, we should be able to freely access all of our information and be able to see our credit reports for free just as the creditors would see them as many times as we want. It's not like it really costs them anything if we do so as it is all electronic. There should also be free alerts. I wouldn't mind being a secondary watch on the credit scores to make sure that they aren't missing anything...scammers are pretty clever and could get stuff past them, free alerts would cover that. I don't think that there is anything that we should pay for when it comes to our own credit reports. They make enough money off of creditors, they don't need to charge us for access or monitoring. Eric -----Original Message----- From: Rick Root [mailto:rick.r...@gmail.com] Sent: Thursday, January 06, 2011 22:37 To: cf-community Subject: Re: Bank lowers man's credit score after he asked who owned his mortgage loan. On Thu, Jan 6, 2011 at 4:21 PM, G Money <gm0n3...@gmail.com> wrote: > > > I dunno.....i though it was all bullshit. I paid off the TV and the > furniture set the next day, and my score shot back up. Stupid. That's because your "credit limit to available credit" ratio got a lot more favorable. Closing an open account, which would seem like a good thing, can be bad for this reason.. because let's say you've got two $5,000 credit cards with $2500 on each one. You transfer the money to one of them and close the other, and suddenly your credit drops quite a bit because instead of having 50% of your credit limit available, you have 0% of your credit limit available. All the people who had their credit limits dropped by the creditors in the last few years suffered the same thing. Their debt ratio went up through absolutely no fault of their own. Rick ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:332987 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
