EQ Deleting TL's In Masse!

Critical Update!

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Critical Update!

We finally have grounds to complete this thread.

Recently we found testimony from Leonard Bennett, of NACA. He beautifully elaborates on our theory that information which is not present on your report, but should be, is as equally damaging to you as INcorrect information that IS on your report.

We all know that information must be 100% complete and accurate. The CRA's have long insisted that a CR is correct as long as the information therein is accurate. They've basically ignored the "complete" component of this argument, a component I've been looking at for a long time now.

Professor John Nash, currently of the economics department at Princeton U., formulated the "Theory of Equilibrium in Financial Markets", usually known as "Game Theory".


http://pup.princeton.edu/titles/7238.html


His story is played out in the movie "A Beautiful Mind" starring Russell Crowe and Jennifer Connelly.

From Nashes theory sprang the "Efficient Market Hypothesis", mentioned in the testimony from NACA.


If you've not done so already, do go read this:

http://www.naca.net/BennettFCRATestimony.pdf


In his testimony Bennett says:

"Beyond the importance of the FCRA to consumers, you must also consider its benefits to our economy and American business. In its original adoption of the FCRA, Congress found that â??the banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.â? 15 U.S.C. Section 1681(a)(1).

In considering the 1996 Amendments to the Act, Representative Kennedy explained, "f these reports are not accurate, or if they are distributed without a legitimate purpose, then our whole society suffers. Consumers may be unfairly deprived of credit, employment, and their privacy. And businesses may lose out on the opportunity to gain new customers." 140 Cong. Rec. H9809, September 27, 1994. These insights are still true today. Accurate information is critical for a functioning economy. I am a believer in the free market system. The more accurate the information, the better the decisions made by our economyâ??s actors.

One of the principals I was taught in my undergraduate years studying the stock and investment markets is a concept titled â??the efficient market hypothesis.â? The idea is that the investment markets will be fluid and frictionless only if perfect and equal information is available to all market participants. The same may be said for the consumer credit markets. Businesses need more accurate and complete information with which to make better lending decisions. Whether for the financing of an automobile, a home, or a department store purchase, sellers and lenders need access to accurate credit information so that they may transact business safely and with lower risk. These include large consumer lenders such as the credit card industry or mortgage lenders. But, it also includes more modest-sized businesses without the large margins for error available to institutional creditors. Credit file inaccuracies are damaging to businesses in both directions. Inaccurate credit reports may misstate the quality of a consumerâ??s credit in a manner which could cause a potential seller or lender to inappropriately extend credit, or WITHHOLD credit when it otherwise should have been extended. The rise in consumer bankruptcies is one of the results of this false positive. On the other side of the coin, inaccurate derogatory information will keep businesses from selling and financing goods and services to consumers with otherwise excellent credit. The growing flaws in the credit system are endangering American businesses in both ways. Credit risks are inappropriately getting credit, while responsible consumers are often saddled with inaccurate derogatory histories that keep them from doing the same."
[Red = my note ]


If you really want to go study "Efficient Market" go right ahead, but it's not for the squeamish. LOL

http://www.westga.edu/~bquest/2002/market.htm



Suppose Bob and Mary, feeling overwhelmed by $50,000 of debt considers Bankruptcy. Instead they decide to go to their bank and borrow sufficient funds to pay off their debt, and reduce the entire problem to an installment arrangement where dramatically reduced monthly payments would be far more manageable. Or perhaps taking out a second mortgage to pay off debt. Because important information is MISSING from Bob and Mary's report, they are denied and thus driven into BK. Whereas, if the appropriate information were present a lender would have an ACCURATE assessment of Bob and Mary's credit worthiness, they would have been approved.

This scenario unfolds in millions of different ways, albeit perhaps not as dramatic, all across the country every year.

This presents a restriction, a bottleneck if you will of the free flow of our economy and is even, in my opinion, a National Security Issue, as I've eluded to in the past. Remember the Surpluses we had, in the Trillions over 10 years, that vanished and turned into deficit? This happened because the economy contracted.

There has been a fair amount of Case Law to back this up too. As has already been mentioned in this thread.


Well ... without becoming overly complex, here's what I believe is our best chance at resolution.


§ 611. Procedure in case of disputed accuracy [15 U.S.C. § 1681i]

(A) In general. Before the expiration of the 5-business-day period beginning on the date on which a consumer reporting agency receives notice of a dispute from any consumer in accordance with paragraph (1), the agency shall provide notification of the dispute to any person who provided any item of information in dispute, at the address and in the manner established with the person. The notice shall include all relevant information regarding the dispute that the agency has received from the consumer.


Go to your OC and get a letter, a UDF or something from them requesting that the info. be included in your report, or that it shouldn't have been removed and they didn't request it, or that they ARE reporting still. File a complaint to the CRA that this info. SHOULD be included, and certainly be sure to include YOUR info. They will deny it of course.


When they do, SUE THEM, for violation of the FCRA.

They should be most delighted to include your info. if you'll agree to drop your case.


This one issue has been of interest to me because it's the only issue I have left. One 10 year old perfect TL has been "suppressed" by CBC. It's a currently OPEN and ongoing account and is reported every month on magnetic tape. Yet, they refuse to include the TL.

Now that we've uncovered our legal basis for taking action, we shall see.


I re-open the floor for comments, (and the ceiling too)

 

Re: Critical Update!

Not at all. I'm talking about focusing only on those TL's that are good.

Obviously we wouldn't want to push the issue to re-insert a negative TL.


On my account CBC, after receiving several firmly worded disputes from me, learned who I was. Once I disputed this TL, from the second largest CC company in the country, CBC decided to "suppress" it because reporting it correctly would have rendered it positive.

This issue is between myself and EQ, not the DF. I have letters from them confirming that they report monthly, on tape.

In this case, as with many cases in this thread, the CRA has deleted or suppressed in order to punish. In this case I even know who did it.