I am beginning to believe that the CRA's and CA's are in a deep dark conspiracy to cheat us out of our money. I tried to pull my Beacon score. Equifax demanded proof of my identity. It wasn't enough to do it over the phone. So I had to send it by mail. While I have waited for a response, I went to eloan and got their score, realizing it may not be as accurate. I got a 681. Since December I have been correcting incorrect info on my three reports. I thought that I got it all fixed. The last three reports show no negatives. Now eloan tells me that part of the reason for my low score is at least one account with six missed payments. I have never missed a payment. Where does this stuff come from? Now back to square one. I have to order all three reports. And I have to pay for them. I plan to buy a car this summer and this does not help. I am not really asking for help, just venting. But, any suggestions would be appreciated.
Another reasonable theory is that they are incompetent. This theory is supported by the posts on this board. Your theory assumes no one could be that stupid to make so many mistakes. My theory accepts the fact they are that stupid. There is no other explanation. Any thoughts from others? Is it a conspiracy or stupidity?
50/50 At a higher level it's conspiracy. At the lower level we encounter in our daily interactions with them it's incompetence. Think about the higher level. Artificially lowered scores result in: Higher interest rates charged by the creditors Lower lines issued due to "higher risk" and for the CRAs there's a windfall because: Increased declines result in more applications More account reviews are generated as we try to get current creditors to improve our poor original terms More inquires occur due to us switching companies for better terms Hmmmm. Their revenues are in direct proportion to our activity in the credit world. So what will cause us to have more activity???? When you look at it that way... it does at least seem like complicity.
It all boils down to money and power. The cra's are trying to keep their reporting models as accurate as possible. At the same time they are trying to keep their clients happy, these are a huge part of their customer base. These would include collection agencies as well as our creditors. Then you have a huge conflict of interest that exists when the repositories who report the information are also owned by the same companies who are trying to recover debts from the consumers. Since they are selling the companies on their accuracy and scoring model, of course they would be really reluctant to remove anything that their customers verify as true. This would negate the very nature of their business. On the other hand, how did someone ever get the right to start a corporation that collects information about us, reporting it any way they see fit(of course they must follow the lame protocals of the FTC laws) and then recieving money for these services, bewilders me. Where is my share of the profit? It is after all my information that they are selling. And I have no choice in this country(because of the monoply that these companies hold) but to agree to this information being reported to them or I couldnt get the things that we need and deserve. Just to rent a place to live requires a credit check. We are at their mercy, all because of the stronghold they have taken with the entire industry. We cant live in this society and not have to participate, unless we are independantly wealthy or homeless, the latter being a direct cause of the credit industry and the lack of knowledge on the consumers part.... It is a really weird thing that so much personal data can be collected and retrieved at any time, by anyone who has a computer, internet access and a charge card. It will never cease to amaze me!!!
I'm curious about the wording. Did it actually say "6 MISSED payments"? I believe they usually say 30 days etc.... I wonder if this just means your creditors did not report 6 different months. You know, when you get the " - " instead of whatever symbol they use. If this is the case, I can't believe that could be held against you. Just a thought
