I'm now in the awful wait-and-hope post-dispute period. In the meantime, I'm going to vent a little. Here's something I don't understand. Why can't the CRAs and creditors simply run periodic automated account updates. Wouldn't they do themselves (and we the little people) a big favor? IMHO, creditors who have reported any derogatory should be legally obligated to send updated information - none of this "correct at the time it was reported" loophole garbage. I am disgusted that accounts I paid off six and a half years ago still show up on my report as unpaid and in collection simply because new information was never reported and I didn't know it. But ...doesn't this passive approach simply generate additional labor-intensive work for the CRAs and the creditors--especially as consumers become more empowered and aggressive about cleaning up misinformation? My experience has been that in many cases, the creditors can send instantaneous updates to the CRAs. So why can't these same big, technology-enabled institutions just automatically send the most current information? This ain't rocket science. Clearly, technology is not the barrier. By artificially depressing consumer's credit scores, the lending industry as a whole can boost interest charges and therefore its profits high enough to offset the cost of processing disputes. It would be lovely if the consumer credit laws were amended to close this passive-aggressive gouging. Not holding my breath. However, I think consumers may be able to FORCE change by altering the credit industry's profit/cost calculus. We need to raise their costs of maintaining bad information. For my part, I'm sharing my experience with everyone I know and encouraging them to check their own CRs and raise hell over each and every error. Perhaps if the CRAs and creditors get inundated with people demanding that they clean up their messes--and if they get whacked with enough lawsuits for dragging their feet--they might suddenly see the benefit of adding a few more lines of code to their account management systems.
Simple. They get paid every time their clients ask them to do an update; they lose money we, the consumers, do. They solely exist for the profit of themselves and their client. Consumers are a marginal consideration, and only because of laws like the FCRA.
1*They aren't interested in doing us any favors because it cost them and their henchmen big bucks. 2*This keeps scores artificially low and is just one example of the results of the fraud called credit scoring.We should all be so disgusted that we refuse to do business with these outlaws.Some believe scoring has its place but they are badly misguided as there is never room for fraud against the consumer! 3* Yeah but a very very very high rate of profitability! 4* No but it is a racket. 5*You guessed it. This is what it's all about.The more business we give them the more they will give us the business.STOP STOP STOP 6*You'll smother first. They're paying the politicians. 7*The only weapon we have is our money-don't let them disarm us by giving it to them! 8*It's not a system it's a bleed the public strategy!
