Credit bureaus cuts off E-loan

Discussion in 'Credit Talk' started by Denise Ric, Apr 6, 2000.

  1. Denise Ric

    Denise Ric Guest

    http://www.sfgate.com/cgi-bin/article.cgi?f=/chronicle/archive/2000/04/06

    A major credit reporting agency has forced Internet Lender E-loan to stop giving consumers their credit scores. Read full story at above link to www.sfgate.com
     
  2. Kristi- Ca

    Kristi- Ca Guest

    RE: Credit bureaus cuts off E-

    I Have it located here. Could not access it from the link above? Maybe they moved it?

    Good Article.


    http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2000/04/06/BU21650.DTL

    Denise Richardson wrote:
    -------------------------------
    http://www.sfgate.com/cgi-bin/article.cgi?f=/chronicle/archive/2000/04/06

    A major credit reporting agency has forced Internet Lender E-loan to stop giving consumers their credit scores. Read full story at above link to www.sfgate.com
     
  3. Kathie

    Kathie Guest

    RE: Credit bureaus cuts off E-

    I just read the article. If you guys weren't disgusted before you will be now. I emailed the reporter and suggested he take a look at this message board. Everyone who reads the article should pass it along to everyone they know and start flooding the airwaves with outrage. The arrogance of these credit companies is very Orwellian (Big Brother lives).
     
  4. dogman

    dogman Well-Known Member

    RE: Credit bureaus cuts off E-

    Interesting - Trans Union and Equifax only?
    Experian anyone?

    I believe the feds of some sort will ultimately resolve that the consumer be allowed to see the Fair Isaacs #.

    Give it a yr or two and the # will probably be listed on the credit report.

    There will be legal battles, questions about Fair Isaacs having a monopoly with credit scoring, credit agencies waffling.

    BUT, this is the end result.
    Just my analysis.

    Dog
     
  5. Denise Ric

    Denise Ric Guest

    RE: Credit bureaus cuts off E-

    You have worked decades for perfect credit, Never late, no inquires, a paid off mortgage and no blemishes whatsoever. A creditor then inaccurately posts a *mortgage write-off* of over $20,000." Thinking it has been cleared up with faxed promises to do so and representations it was corrected, the same creditor (we find out after being denied credit)re-reports the *Mortgage write-off* with a different account number while leaving the original inaccurate write-off as well. Again thinking cleared up via faxed promises and of course letters of dispute, they SELL this non-existent write-off to a collection company who then reports the bad-debt of over $20,000 to the CRA's. If that isn't frustrating enough we note that low and behold the creditor obtained a copy of our credit report and indicates the inquiry as "COLLECTION PURPOSES"! WHAT COLLECTION! There was no permissible purpose for obtaining our credit reports without our knowledge. The CRA knew we were having problems with this creditor reporting inaccurate, damaging information yet released our credit report and noted the reason as "collection Purposes". During this time frame other creditors are doing their usual inquiries and see these eroneous bad-debts and write-offs so we are not allowed the lower interest rate offers on our other cards and can not obtain loans. Well, do you think our score was accurate? Surely NOT! Could we dispte our score with other creditors or current creditors who montitor our account, NO, surely NOT! Without having access to our score or knowing the magical formula, how do we know just how much damages we incurred over the years of paying higher interest rates due to the damaging info placed on and off our reports? We should have been able to dispute our scores and have them corrected and this is just ONE example as to why the FCRA must be amended and enforced, as well! Inaccurate credit reporting = inaccurate credit scoring!! Where are the checks and balances to prove the score we receive is ACCURATE? Consumers should have an absolute right to know what their score is on any given day and be advised of the specific factors in deriving the score and the weight they carry when inaccurate information is directly responsible for negatively affecting our score.
     
  6. Barry N

    Barry N Guest

    Hey Dogman

    Email me. Thanks,

    B.
     

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