Jshimmer, I AM very new to this. And I do agree with your opinions, in theory. I also take full responsibility for my credit history and don't place blame with anyone but myself. My point is that only having negative entries recorded in your credit report does not represent a true credit history for anyone and this does hurt lenders in the long run. I'm not saying they need to update it every single month if you've paid as agreed, but at least show that you have an account with them in good standing. I may choose to loan you money based on the fact that you have no delinquincies on your record, but I might reconsider if I had a way of knowing that I would be providing your 8th credit after you've maxed out several others and are 50 grand in consumer debt. How would I get this info unless all of your creditors were reporting? How can you come up with an income debt ratio without this accurate info? Maybe I don't know beans about this stuff and don't claim to, but it doesn't make sense logically, at least not to me. Thanks for all the responses on this thread. It's always nice to hear someone else's perspective on matters. I certainly didn't intend to offend anyone and if I have, I apologize.
In the grand scheme your are correct; and there is a collective value to the whole credit industry in reporting all information. This is why the majority of creditors report. But, there will always be exceptions to any rule, and some businesses will elect to not report for many reasons. But this becomes part of an individual's personal financial management. Again, there will be times that you must request what you seek, other times an exception will work in your favor. It's all part of the package we must manage, and make value anayses on the best moves. In your case I am certain it seems unfair to have part of the picture communicated, and it is frustrating to not get "credit that you deserve". But, as a lesson that you can do something about it, I urge you to try and do something about it. Regardless of the results, you will feel better having taken some action for yourself. Welcome to the forum, and yes there is a long road ahead, but it is the one that goes in the right direction.
I wasn't trying to imply that YOU did otherwise. I was just speaking in general. Keep in mind what bizwiz41 already pointed out: there is a COST burden to a lender for both getting credit history & scores FROM the credit reporting agencies and for reporting TO them. You can't FORCE them to report ANYTHING, good or bad, as that forces a COST upon them. That is one reason why the law is written the way it is. But I still stand behind what I said before: nobody, other than a few people who are trying to fix their mistakes, is going to go running TO a lender, specifically because they "report to all three CRAs". This is only the worry of a person who has screwed up their credit and is trying to fix it. And in the long run, it costs businesses MORE to NOT use the CRAs because they risk extending credit to people who have a proven track record of non-payment, NOT because people will avoid them because they DON'T report to the CRAs. Most important is what bizwiz41 said about "credit repair" -- it's not JUST about deleting a few derogatory trade lines, or getting a few prime credit cards and a mortgage to up your scores - it's about MODIFYING YOUR ATTITUDE ABOUT RESPONSIBLE USE OF CREDIT - basically, a financial lifestyle change.
It would not take long for them to see consumer in the know are no longer using them and for what reason. CCCS is evil, they take peoples money and are late is dispusing it, making you late and if they send it at all. Horror stories about them. Majority of lenders will work with you but you have to call them, take notes, names, agreements etc. There is nothing a company like CCCS or other can do that you cannot, the lingo they use they can talk down your rates goes out the window with the fees they charge. They put that extra in their own pocket and make you think your getting a better deal.
I just updated my signature, That was a profound statement and I hope Bizwiz41 dosen't mind me borrowing it for a while.
