Personally I wouldn't favor it.... Why should I let someone walk away without paying debt when I had to pay every penny... What are your thoughts?
What does the existence of a credit bureau have to do with an individual paying {or not paying a debt}?
Lets get rid of credit bureaus Personally, I feel the CRAs are the tabloids of the financial world. They deal in oftentimes specious information and don't give a whit for accuracy until some consumer is pushed to the limit and forced to crack them in the mouth. The CRAs are not in business for the benefit of the consumer, my friend. I'm sure everyone is familiar with the congressional study years ago that reflected a 10% error rate on consumer credit reports. People in the medical field don't get away with that level of error. Try paying your taxes 10% short some year and see what the IRS has to say to you. Do you think you'd collect a bonus if your collections were 10% short of your quota some month? The other issue I have with the CRAs is that no consumer has ever explicitly agreed or consented to allow the CRAs to collect information on their financial dealings. Do you think a CRA would delete your Entire file if you asked them to? No - they make money off selling our very personal and very confidential information, but the consumer isn't compensated for it. In fact, we have to Pay the CRA for the "privilege" of seeing the information that they're spreading to any 3rd party who's willing to pay for it, permissible or not. If the courts declared that any divorcee was ineligble for marriage for 7 to 10 years, the ACLU would be at their doorstep immediately. If you were fired or laid off, should you be forced to wait 7-10 years to be hired again? People commit real crimes and are punished less severly than a consumer who makes a late payment or declares bankruptcy. One final thought - if a CA is caught violating the FDCPA or FCRA, do You think they should wait 7-10 years before they can engage in consumer collections again? Now, That might be a good idea. Namaste~
Lets get rid of credit bureaus I'm sure everyone is familiar with the congressional study years ago that reflected a 10% error rate on consumer credit reports. dharma bum ]]]]]]]]]]]]]]]]]]]]]]]]]]] 10%is wrong the error rate is 70% THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
You are right that just having a credit bureau doesn't mean an individual wil pay or not pay the debt. But at least the mere existence of the bureau will felicitate the future lenders to check on the credit history of someone. Granted not 100% of reports are correct but if an individual has 10 negatives in the report, at least 7 of them has to be accurate.
I wouldn't be in favor of getting rid of the Credit Bureaus, just hold them to the same degree of due diligence that (a) the law requires and (b) the credit industry holds US to. A: FCRA mandates the CRA consider consumer-supplied documentation ina dispute. These boards, and my own experience, atre filled with instances where CRA's flat out ignored consumer supplied documentation, unless the documentation was damaging. I am at present suing 2 of the 3 CRA's for just that reason. B: The credit industry and the CRA's are real quick to penalize us for any mis-deed. Miss a payment on a credit card and you KNOW it will be all over the CRA's the following month if not sooner. Miss a payment on Credit card A and Cards B, C, D, E and F jack up your rate, lower your limit or just close your account. The collection industry comes out and states that the 7-year sentence of "bad credit" is just and proper punishment (don't take my word for it, go to www.collectionindustry.com and read he posts yourself). This type of vindictiveness should go two ways. WE should hold the creditors to the letter of the law also. One screw-up, one mis-reporting that isn't corrected immediately and we should sue them. make the creditors and CRA's spend millions defending thmselves in courts all across the country in thousands of suits at a time and mabe the judges will get tired of hearing about it, the Creditors and CRA's will clean up their acts just out of proactive self-defense and we can get back to living our lives again. Lest you think I am blowing steam, I have already sued 3 creditors successfully, am suing a 4th now and am in litigation with 2 of the 3 CRA's a this time. If a million people did what I am doing, believe me, someone in the CRA and creditor community would notice.
I don't think it's 70% of entries are incorrect. I believe that it's 70% (actually, I thought it was 40%) of REPORTS have at least one inaccuracy. It's a whole lot different than 70% of entries being erroneous. I may be one of the 70% who has an incorrect entry, but 70% of my entries aren't incorrect. If only one is, I'm part of the 70% OF REPORTS with errors. I know they're bad, but let's at least keep OUR facts correct!
Re: Re: Lets get rid of credit bureau Any way you figure it the number of inaccuracies are outrageous other wise there would not be all these post on this and other boards THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: Lets get rid of credit bureau Yes, it is outrageous. But I just think if we're throwing stones we should have our facts in order.
stir, stir, stir Reporting doesn't have anything to do with paying debts. Reporting isn't required. Not reported doesn't make a debt go away. Sassy
