Have to chime in

I am all for suing creditors, collection agencies and credit bureaus. The more people that sue, the more these guys will pay attention to consumer rights.

 

I wish they would delete for payment...it would be an easy way to fix things and would give incentive for someone to actual pay...however...if the system actually worked like it is supposed to, deletion for payment would invalidate everything. Creditors want to know what the liklihood of someone defaulting or becoming late on an account is before lending money. If they deleted everytime someone paid off an account...then the credit report would give them no indication of how someone pays their bills.

That being said...the fact that they can report inaccurate information, make a person jump through hoops before they will correct inaccurate information and the money they make from high interest rates, etc. throws the system out of whack anyway...not to mention those that DO delete for payment. If I really think about it, I'm suprised that this whole system is even still in existence. A credit report is about as accurate as me doing algebra in my head, IMHO.


L

 

I agree whyspers but by the same token they don't take those same steps to verify what creditors put on your report , alot of which is inaccurate and therefore not reflecting your true credit worthiness

If they would be as vigilant at verifying the creditors put on our reports to begin with they wouldn't have this problem



THANKS

 

1*Out law CAs And crack down on creditors.
There is something very wrong when the Gov. permits these Crooks Called CAs to even operate.
2* Lets quit honoring this fraud by calling it a system.
3*Change the law to make CRAs And Creditors Prove their records to the Consumer.
4*Pass a law no delation no pay!
5* Seems that's how they want it.
Also once you pay a debt it should be reported as a positive trade or deleated= consumers choice.

 

It ought to be easier and quicker to sue them and the damages should be at least $2000 per violation.
What's $1000.oo to a multi millionair?

 

I got one ca to delete an unpaid charge-off that they had no validate proof of.

On the UDF is had that they cannot delete a collection for payment.

It is in their contracts with the CRAs that they may not delete a collection for payment.

 

A partial solution may be to change the scoring system so that a paid chargeoff or a paid collecction actually benefits you. Now, there does not seem to be any incentive to pay off the debt. That way they are reporting accurate info.


For example, say a collection might hurt your score by 10 points. If you pay it off now, it still hurts your score 10 points. Change the system so that if you pay, it will only penalize you 2 or 3 points, so you get points by paying your debts.

The other related issue is that if you pay, the seven years reporting starts over (at least I think it does).

 

1*That's fine.If they can't take care of it and do it right they should loose this benefitl.It's only fitting.!
2*It don't anyway so what is lost ?
3*Exactly.
4*Call it what it is a fraud.
5*It has a long way to go to catch up to that"

 

It's not their problem it's ours.QUOTE]Originally posted by jrjr35
I agree whyspers but by the same token they don't take those same steps to verify what creditors put on your report , alot of which is inaccurate and therefore not reflecting your true credit worthiness

If they would be as vigilant at verifying the creditors put on our reports to begin with they wouldn't have this problem[/QUOTE]
We are the ones getting the shaft.
They do the crime and we do the time!

 

So what it has no teeth?!

 

Scoring is a fraud not a system.
The only proper soution is to ban it completely.

 

That's urban legend, there is no such clause. Our business here has a CA branch and they have a written contract with two of the big three. We have a collection attorney on staff and I asked this very question. She has never heard of such a thing. This is a line that CA's feed us. It's a power thing with them. It may be a company policy, but there is NO written stipulation that a CA must list an entry. They can ask for the entry to be deleted without any reason. Hope this clarifies things.

 

Nope. It's seven years from the initial date of delinquency, not from when you make payments.

Dancer

 

I'm not sure why CA's are involved, but if you look at the corporate listings of the big 3 it looks as though they are also involved in the LENDING of credit.

They also make the numbers, and they have sold these numbers to those who are giving credit as a way to pump through things like mortgages using untrained personel. Think about it, it used to be you would visit a highly paid professional at a bank who would personally go through your credit, and your personal finances and make a decision based on your ability to pay and your character.

Here comes "B" paper, mortgage brokers and the FICO system and the institutionalization of credit. People make much more money on people with "bad credit" than those with "good crdit". This is the bottom line.

CBJ

 

1*It worked better then.

2*This is why the whole thing is nothing but a fraud.

I still say do away with Scoring and close down the the CRAs.
They do more harm than good & we don't need that.

 

So how do we go about achieving this? Class action, continue to sue individually? It takes more than the occasional rant to close down a system that has been institutionalized.

CBJ

 

It's an institution all right and we're the inmates.
Time For A Jail Brake!

 

These are good:Also complain to your state and Fed.. Reps.

The best and most effective :
Stop supporting the institution!