lb, I had purchased a car and was making weekly payments (ACH) until one week my paycheck didn't get directly deposited into my account. Therefore, the ACH payment bounced. WELL, I had fallen a week behind and stayed a week behind for about a month. Then, they repoed the car. When I found out, I immediately went to the dealer to make payment and did. We talked on the phone and came to an agreement. They could keep the car in Syracuse (about 1 1/2 hours away from me) until I could get a ride there and I would keep making weekly payments. When I found out that the weekly payments were not coming out of my account, I called the bank and asked why. I was told that they should start up again the following week. Well the following week came and went and the payments were still not coming out of my account. I called again, and was told that they no longer make ANY arrangements under any circumstances and the rep that did got fired for making arrangements with me. SO, it was my word against theirs. By this time a month had gone by and I had gotten enough money to just pay the car off. So, I called the bank to make one lump sum payment. It was too late. The car had been sold within 3 weeks of the repo. Long story short, the bank was at fault, and they knew it. I talked to the President of the bank and made him send to me in writing (which I never got) that the repo would never appear on my CR, and they would send me a check for the amount that I over paid. (meaning the payment I made to make good on the missed payment) I got the check and they have NEVER reported the repo on my CR. This happened in 1998. So instead of it being reported as a negative tradeline, it is a positive one. That is why I said that I had a unique situation with my former creditor.
I almost forgot that I talked to a lawyer about the situation and he told me that I had a case. I even had a witness! Alas, I wasn't able to file because it had to be done in the city that the repo company had the car. And since I no longer had one, I couldn't get there. SO, no suit. But I woulda won!
Some states already have laws which are similiar to that. They usually ban the CRA from putting the info on a consumer's credit report without notification of some sort. Oklahoma has such a law, but the CRA's just ignore it.
I would like to get all of the personal information from all the share holders and officers of the CRAs and post it on the net. I would like them to see what if feels like to have all of their personal data, such as there SS#, banking and credit card #s and of course there derogatory information posted for all to see. ONlY this would be a free site for all to see. This would be fun...
Godaddyo: That sounds like an excellent thing to do. I hereby appoint you to be the NCO in charge of the project.
Here ya go. Some are free, some are 6 cents a page. http://pacer.psc.uscourts.gov/ http://www.brbpub.com/pubrecsites.asp http://www.law.cornell.edu/federal/districts.html
There are several bills pending in Congress regarding changes to the FCRA: By Senators Schumer and Allard, Congressman Ford and Congresswoman Roybal-Allard. To which of the sponsors have you given your suggestions?
WHAT I WANT IN A NEW OR REVISED LAW...if they give a credit card to JANE/JOHN DOE with a F.I.C.O. SCORE OF 650...THEY MUST GIVE IT TO ME WITH A SCORE OF 685-704 (or wife 725-741)!!! I am being DISCRIMINATED against!!! HIGH F.I.C.O. HIGH INCOME So I spend a lot...I also pay MOST of it off...except the TEASER RATES... It also might be good to MAKE the C/C COMPANIES report to the CRA'S the amount owed AFTER the payment is posted, NOT on statement date... A FEW WISE MEMBERS TOLD ME TO PAY DISCOVERCARD BEFORE THE STATEMENT DATE OR OVER PAY... I HAVEN'T HAD A DISCOVERCARD BILL UNDER $2,000 UNTIL I STARTED OVERPAYING... DISCOVERCARD $0.00 TILL THEY CHANGE THEIR MIND ABOUT DEMANDING AN INQUIRY TO DO AN INCREASE!!!
One thing that I would like changed for sure is to ignore revolving credit balance to limit ratios. It makes absolutely no sense (screw statistics) how one guy that makes $50,000/yr with $5,000 in CC debt with a $6000 credit limit can take such a large FICO score hit, and the next guy with exact same income and debt has little effect because he has higher CC credit limits. If you have never been late on the accounts, what does it matter? Is the guy with the higher limits really less likely than the first guy to be deliquent? No. Stupid. Stupid. Another big one is that the EXACT FICO model should be open to inspection by the public. How do we know that it doesn't violate laws or our rights if we can't see it. Yes, I realize that we probably wouldn't comprehend it anyway... I'm done.....
? Is the guy with the higher limits really less likely than the first guy to be deliquent? No. Stupid. Stupid.============== As a matter of fact he could be a greater credit risk cause he has more pontential to over entend himself than does the lower limit fellow. AS Iv'e said before credit scores have nothing to do with credit worthy.
Another big one is that the EXACT FICO model should be open to inspection by the public. How do we know that it doesn't violate laws or our rights if we can't see it. Yes, I realize that we probably wouldn't comprehend it anyway...
IMO, a credit rating (such as A,B,C,D,etc) is a tool used by lenders and is based on internal acceptance criteria as well as FICO scores. A rating will involve a range of FICO scores like 620-690 = B credit rating. The ratings also take into account the number of maximum deliquencies acceptable for the applicable rating. For example A credit has no more than two 30 day lates maximum. (This criteria is for an example only and may not be the actual criteria.) It may vary from lender to lender. You see "ratings" used most often when discussing mortgages. It is easier to say "B credit rating" than "FICO scores between 620-690". Is this the "credit rating" that you are refering to?
