Steven Z Make a difference!

Steven:
Have you seen this site

http://iwantperfectcredit.com/

It is all about credit reform and you can vote to make a difference. I voted today.

 

RE: A very idealistic site but

I did now, though I must say they need to spend some more time working the bugs out, never did manage to sign the petition kept rejecting mine with a javascript error message.

As for tenants of the site while I do share somewhat the philosophy but feel they go overboard.

I feel simplicity is in order

1. Give a much lower credit score penalty for "paid" collections and furthermore remove the derogatory instantly upon payment (as Telecheck does) or maximum within 1 year of it being paid.

It would really be interesting to know who was the first idiotic short sighted creditor that decided to treat "paid collections/write-offs" in the same manner of "unpaid"

2. Adjust the credit score based on the amount amount owned.

The CRA's (and in this I include CheckSystems) are the only industry that treats a 1 cent overdraft or a 2 cents overdue fee the same as a $10,000,000 defaulted debt, what kind of insanity is this, again I would dearly like to know which greedy, insane institution started this.

I must disagree with their attempting to charge a fee, too many people who have been burned before associate fees with a scam or ripoff.

 

RE: A very idealistic site but

I did not encounter the java error. Your points are well taken. Especially the overall generalizing one gets for a 2 cent bad debt versus a 10K bad debt. I remember when I worked in the credit union, a person would pay their loan off (or so they thought), go on vacation only to return 30 days later and find a 30 day late for 41 cents!! I removed everyone one of them even if the Loan review board disagreed. It's insane and unfair.

Steven Z wrote:
-------------------------------
I did now, though I must say they need to spend some more time working the bugs out, never did manage to sign the petition kept rejecting mine with a javascript error message.

As for tenants of the site while I do share somewhat the philosophy but feel they go overboard.

I feel simplicity is in order

1. Give a much lower credit score penalty for "paid" collections and furthermore remove the derogatory instantly upon payment (as Telecheck does) or maximum within 1 year of it being paid.

It would really be interesting to know who was the first idiotic short sighted creditor that decided to treat "paid collections/write-offs" in the same manner of "unpaid"

2. Adjust the credit score based on the amount amount owned.

The CRA's (and in this I include CheckSystems) are the only industry that treats a 1 cent overdraft or a 2 cents overdue fee the same as a $10,000,000 defaulted debt, what kind of insanity is this, again I would dearly like to know which greedy, insane instit....

 

RE: A very idealistic site but

I had no trouble signing the petition either.
But I agree with Steven about the fee. Most
of what he posted I agree with. And I agree there needs to be something done and this sight is headed in the right direction.
I'm disabled and had alot of medical bills. Although the insurance paid most of it there was still alot for us to pay. And as you know
some creditors are impatient and want their money know, and turn it to collections in a
heartbeat. Even though we paid off our part of the bills (54,000) in 4 years on one salary and social security disability. We
ate alot of beans and stayed home, (no vacations for us or the kids, no new cars
or eating out, there were times when I went
without some of my medicines in order to pay a bill to get them cleared up ASAP. I'm not
saying these things to get sympathy I don't
need it, (I'm alive and that's good enough for me.) What I'm trying to convey is this,
before the operations and bad health our
credit was good. Even though we paid all the bills we still have to suffer for 7-10 years.
We could have declared bankruptcy but didn't.
After paying off all the bills (the last one this year) some of the creditors have agreed
to take the bad items off our report, but those that didn't will cost us years before
our credit will show positive again. But I guess since the system is the way it is we will have to live with it, but changes do need to be made for the future. I apologize
for being so winded.
BOB

 

RE: A very idealistic site but

Changes don't happen by themselves. We need to make them happen. We need to work together at it. Correct me if I am wrong, but I think we can all agree that it is much easier to make note of the discrepancies of the system, than it is to change them. Many small steps can add up to one big change.

Maybe I'm just babbling, but I can't get over the feeling that if we worked together and become the majority, change CAN happen. It's not going to happen if we just sit back and wait for someone else to attempt it.

Steven Z, what is your insight to this? I'm curious to know what your perspective is. You appear to me to be the one with the most knowledge.

dw

 

RE: A very idealistic site but

dw, you rate me too highly I've only been at this since the beginning of last year. Perhaps you are confusing intensity and directness with wealth of knowledge while I'm not intimating that one must have "the proper creditials" as one certain departed snob has proposed and I have no problem sharing my "insights" and "perspective". If your looking for true credit expertise pose your questions to Cardreport.com, Kristy Feathers and other long-time stalwarts.

Besides, I seem to lack the knowledge to enable me to vote on the site in question, tried different browers, proxies, machines yet time and again am confronted with the following error message

"The required information is incomplete or contains errors
* Please indicate you have not previously signed"

and yes I tried other names and addresses just to be sure, its obvious its some time of software or hardware incompatability on my system. So I guess I won't be "making a difference" today

But to get back to the topic at hand. Do I feel there are going to be changes? Yes I do. In fact it is already occuring regarding credit scoring. The insular and secretive credit industry could never imagine the massive backlash of both individuals and government not to mere knowledge that some proprietary risk score was responsible for most credit decisions (this has been around for years) rather by the attempt of the originator of the credit score Fair Issac (FICO) and the CRA's to "hide" this score.

"WHAT!! you dare hide this from us", "you say we're too stupid to figure it out by ourselves" the outrage was/is palpatable, Fair Issac has made a critical error which I feel will shortly and inevitably lead to them being marginalized and forgotten.

You see an company or even an industry can look down at the 'common mass' all they want but usually even the most arrogant company has sense enough not to proclaim this publicly. Because sure as rain they'll be a big uproar and the government will have no choice but to step in (that is if they want to save their political hides).

I forsee a number of "the right of the people to know" type laws and regulations passed involving what makes up credit scores.

The greedy CRA's always looking to increase their profits have seen a golden opportunity to grab a share of this already blossoming and soon to explode market, in fact two (TransUnion and Experian) are making haste to put their own versions out as quickly as possible.

For those like Doris K who have some spare capital to invest the CRA's look like an excellent bet as soon "everybody" will want to take a look at their "credit scores".

I am glad this is happening, how many times have we read posts by those poor individuals who find some creditor jacking up their rates and claiming it was "because of something in your credit file" yet upon procuring it for oneself finding nothing - no negatives. When the actuality was it was based soley on the individual CRA's credit score.

Unfortunately, I see no changes occuring either in way negatives are recorded nor the unequal weight given to any amount as well as paid/unpaid collection accounts. You see the credit industry philosophy is "the more people that have bad credit the more we can make from higher interest and fees" furthermore, "those with bad credit do the least complaining because of lack of self-esteem, subsquently, accepting any bad deal because they have no other options"

 

RE: A very idealistic site but

dw, you rate me too highly I've only been at this since the beginning of last year. Perhaps you are confusing intensity and directness with wealth of knowledge while I'm not intimating that one must have "the proper creditials" as one certain departed snob has proposed and I have no problem sharing my "insights" and "perspective". If your looking for true credit expertise pose your questions to Cardreport.com, Kristy Feathers and other long-time stalwarts.

Besides, I seem to lack the knowledge to enable me to vote on the site in question, tried different browers, proxies, machines yet time and again am confronted with the following error message

"The required information is incomplete or contains errors
* Please indicate you have not previously signed"

and yes I tried other names and addresses just to be sure, its obvious its some time of software or hardware incompatability on my system. So I guess I won't be "making a difference" today

But to get back to the topic at hand. Do I feel there are going to be changes? Yes I do. In fact it is already occuring regarding credit scoring. The insular and secretive credit industry could never imagine the massive backlash of both individuals and government not to mere knowledge that some proprietary risk score was responsible for most credit decisions (this has been around for years) rather by the attempt of the originator of the credit score Fair Issac (FICO) and the CRA's to "hide" this score.

"WHAT!! you dare hide this from us", "you say we're too stupid to figure it out by ourselves" the outrage was/is palpatable, Fair Issac has made a critical error which I feel will shortly and inevitably lead to them being marginalized and forgotten.

You see an company or even an industry can look down at the 'common mass' all they want but usually even the most arrogant company has sense enough not to proclaim this publicly. Because sure as rain they'll be a big uproar and the government will have no choice but to step in (that is if they want to save their political hides).

I forsee a number of "the right of the people to know" type laws and regulations passed involving what makes up credit scores.

The greedy CRA's always looking to increase their profits have seen a golden opportunity to grab a share of this already blossoming and soon to explode market, in fact two (TransUnion and Experian) are making haste to put their own versions out as quickly as possible.

For those like Doris K who have some spare capital to invest the CRA's look like an excellent bet as soon "everybody" will want to take a look at their "credit scores".

I am glad this is happening, how many times have we read posts by those poor individuals who find some creditor jacking up their rates and claiming it was "because of something in your credit file" yet upon procuring it for oneself finding nothing - no negatives. When the actuality was it was based soley on the individual CRA's credit score.

Unfortunately, I see no changes occuring either in way negatives are recorded nor the unequal weight given to any amount as well as paid/unpaid collection accounts. You see the credit industry philosophy is "the more people that have bad credit the more we can make from higher interest and fees" furthermore, "those with bad credit do the least complaining because of lack of self-esteem, subsquently, accepting any bad deal because they have no other options"

 

RE: Steven Z Make a difference

MIKE, I agree with you about the fact that
HS Kids should go through a credit training course before graduation. The temptations
of credit cards, and now auto manufacturers
are giving 1st time buyer rebates on top of normal rebates, and some credit companies
are giving 1st time buyer discounts on top of that. These young kids see all this and they jump for it, buying cars with little or no down and getting high payments for it.
Then after they've been slicked talked into it all their stuck. And us parents bail them out so they won't have their credit ruined before they really get started into the real world. Things really do have to change, and
only we the tax payers, and voters can change it.

 

Steven Z here's why you can't

I got the same error, Within the Red border there is a check box you must check to say you have not signed the petition before.

The problem is the color scheme on the site. The box slips by you.

The box & border is before the petition goals.

 

RE: A very idealistic site but

Herb,

You are a true credit warrior!

But I am curious... how many cards are out there left for you to get? But then again you don't need anymore huh?

Salute,

BarryN

 

RE: A very idealistic site but

At this moment, I have had five accounts in good standing for over a year, and one, a year and a half. I have gone through great lengths to remove negative items that were out dated or eroneous and because I have a civil judgment dated September of 1994, I cannot get a "real" credit card. I am sick of Providian, Capital One with its paltry $200 limit, First National Card which is actually First Premier, and UCNB. My goal is a platinum card or at least one with respectability. First Consumer's is the only one with respectability because after seventeen months of on time payments, it went unsecured. But this old judgment, six years old which I can't get removed to save my life, keeps me from nextcard, first usa, even a Circuit City card.

Oh, and I'm going to burst some bubbles. If you have a collection on your credit report, don't do the honorable thing and pay it. Wiat the 7 years because as it was told to me by a loan officer "Even though you paid it, there is still a history and it still reflects badly and nine times out of ten, your application will be denied." Save yourself the unnecessary stress of inquiries.

 

RE: A very idealistic site but

As you know, nobody is more aware than me of these bribes, I've certainly made mention of them often enough. No simple petition will do the trick unless it is concentrated in one pro-creditor's district, especially if its in Delaware.

Fear of job loss (and the subsequent loss of all those fat bribes from various special interests) is about the only thing that will move a congressman/senator.

Fortunately, support has crystallized nationally on the right to know one's credit scores and the CRA's seeking a cut of the pie have jumped along on the bandwagon, they could care less and like all hypocrites show zero loyalty (to Fair Issac in this case) when it comes to the $$.

Really the only way to get practical change in this country is to get the special interests into conflict with each for while the crooks are busy fighting with each other inevitably society wins.

And yes I finally did manage to sign the petition thanks to Kim and Steve1040, I swear I looked at that petition enough times and I never once saw that box! Now I wonder where they picked up that color scheme perhaps from some nefarious creditor's online application form, only their 'hidden' box means unless you check this we will stick you with useless car and credit insurance. DAMN