I've never done this lawsuit thing

Re: What Would Trip Up an OC?

A creditor is not required to report anything to the CRA, however, if they do, it must be accurate. If there is nothing reporting to the CRA, then there is nothing on a consumer credit report that is or potentially is inaccurate!

 

Re: What Would Trip Up an OC?

That's not the case in this instance. The creditor would have to tell the CRA to remove the account because it doesn't exist (when, really, it does) when the account is already in the consumer's CRA file. How is that not inaccurate? How is that not a big, fat, blatant, plain-as-day lie?

Surely Congress didn't have selective and arbitrary reporting when it wrote the first words of the FCRA. Do you think what you're saying was their intent? Are you trying to subvert the system to your own advantage and, therefore, to others' disadvantage (skewing the score curve in your favor).

http://www4.law.cornell.edu/uscode/15/1681.html

If a lender chooses to not upload aggregate, complete information about all its borrowers, it compromises the system's accuracy.

Here's a story about Freddie Mac taking a stand and refusing to buy loans from lenders who report incomplete infomation:

http://realtytimes.com/rtnews/rtcpages/20020312_nothanks.htm

We're just talking about consumers who find cheap, dishonest loopholes to work the system. If a company wasn't reporting positive information about those of your ilk, you would be the first to cry foul. You can't have it both ways.

 

Re: What Would Trip Up an OC?

If it wi cheap and dishonest, what do you call what the creditors and ca's do to consumers everyday? Ethical? I say, in this case, 2 wrongs make it right. If you can really call it wrong.

 

Re: What Would Trip Up an OC?

No one is required to report any account. They may report it for 7 years, and if reported, it must be accurately reported.

Regarding inquiries - our reports are not their playground. I agree with holding them accountable.

Greg, I don't see your point at all. You sound like someone from TMF or MSN money boards. This board is no-hold-barred-use-their-own-weapons-against-them (the courts and the law).

Quixote done good.

 

Re: What Would Trip Up an OC?

No he didn't. He tried to get a deletion of a legitimate account. Through this whole thread, I keep hearing how "wrong" I am, and anybody can play that game. He was wrong and the credtor was wrong; this is nothing more than a scammer playing with a scammer. They both suggested creating a false, innacurate history, cooking the books for money (to avoid incurring legal fees for one, and to get more favorable rates for the other).

No one is required to wear a funny hat, but they didn't put that in the law, either. I quoted the law; what supporting document do you have?

"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."

-- Congress, the FCRA

If either party was to get away with what they proposed, they will have undermined my confidence. If the judge rules that they are to delete the account, then we'll have a big story on our hands. What do you think would happen in a court case that fingers creditors and credit reporting agencies who play with information like that? Don't you want an accurate system?

If the poster was so concerned about his overall credit rating, he could refer to the score and the reasons it is not higher and react. Lower balances, close cards, do the time in paying on time. Take your lumps for your failure. If he got the account deletion, he just decreased my (and everybody else's) score. This isn't about one person.

"Macy's however, would rather keep a clearly illegal inquiry on my credit report than simply admit that some junior member of their staff made an innocent mistake. I have said all along that early on, I would have happily accepted that admission, along with the deletion, of course."

-- the poster

Lashing out at, then subverting the system isn't the answer to the problems of chronic bad money managers. Don't be so weak as to think you have to use dirty tricks to get anything done.

 

Re: What Would Trip Up an OC?

Quixote, he either doesn't want to understand it, or, just choosed to be antagonistic about it. Whichever, who cares? You've explained yourself quite well at least a half dozen times now. You don't need to keep defending yourself. You did a great job, did what needed to be done. Be done with it. But, don't forget to post the judges ruling. (I'm sure Greg will have a problem with that also.)

 

Re: What Would Trip Up an OC?

Greg,

I've almost completely paid off a car note at a small local dealership that does their own financing. Not one single post on my credit files for any of my perfect payment history over the last 2.5 yrs. I am not crying foul, but why can't I call up the CRA's and report this information on my file, then they could verify it with the creditor? Why? Because it doesn't work that way. The system is one-sided in favor of the creditor. It would seem that creditor's decide whether they report or not arbitrarily. The object is to keep you sub-prime as long as possible to charge higher interest rates and make bigger profits. The problem is charging higher interest rates means more defaults and bankruptcy in the economy.

It is the lower and lower middle classes in our society that bear the burden of the higher interest rates even though they have lower levels of disposable income, so the risk of default is hightened. Nevertheless, these are the folks paying the $400-$500 a month car payments. The consumers in the upper middle class income levels have the disposable income to afford the higher interest rates, yet they are charged lower interest rates due to their low risk status. The system has an inherent built in paradox - poor people pay more, and rich people pay less to put it simply. The system is already skewed in favor of the creditors. If you truly believe the system is designed to properly value risk, then you are pretty naive. The system itself is responsible for creating a portion of the risk it is designed to measure.

 

Re: What Would Trip Up an OC?

I give up. This argument is not worth the time it's taking. Perhaps this is a personal thing.

Quixote, I have followed the entire episode. IMO, Greg is mistaken. I am being generous with that comment.

Confidence in the system? It is true, there must be a system, but if you are just now having your confidence shaken, I wonder........

 

Re: What Would Trip Up an OC?

just want to be added to the thread. Very interested in the results.

 

Re: What Would Trip Up an OC?

me too, <info bump>

 

Re: What Would Trip Up an OC?

AMEN!!! It's time we fight back!

 

Re: What Would Trip Up an OC?

Hey you said you gave him your print outs tabbed, highlighted and marked. The Judge probably didn't want to listen to a lot of arguing. Probably just wanted to just see the facts. I think you did really well.

Why 2 weeks before a decision? That sure seems long.

 

Re: What Would Trip Up an OC?

Can't wait to see the results...


*bump*

 

Scammers vs. scammers

I get it, already.

Indeed, why bother with it? Just, exactly, what didn't you know about the account that caused you to ask for verification (pester them with "a bunch of" letters until they screwed up)?

You have the right to force the removal of an illegal inquiry. I get it.

That's what you want this entire thing to be about, but it's not what I'm talking about. It is about your abuse of the system.

No.

Here, because I don't have all the facts and they have not joined the discussion.

But how do you know that I didn't in the conversation I had with them? In fact, I pointed out their error and the illegality of it, and suggested that they offer to settle.

You'll win the deletion of the inquiry; that's elementary.

 

Re: Scammers vs. scammers

That didn't stop you before.


That's the least you could've done after sticking your nose where it didn't belong.

 

Waiting for the results..

Quixote,

I just finished reading this thread! WOW!

I am anxious to hear the judges decision. I hope you are pleased with it.

Thank you for sharing this information. I am dealing with a similar situation. I am sorry you have been given a difficult time during the course of this thread.

I appreciate the opportunity to learn from your experience, which you didn't have to share with us.