A: Consider that lenders accounting for 50 percent of the U.S. credit card market are withholding information from credit bureaus. And that this figure is getting worse. http://www.bankrate.com/brm/news/cc/20000428.asp The reason is patently obvious i.e. to gouge the consumer. B: Lenders are increasingly monitering the customers credit files in the hope of seeing just one late 30 or drop in the credit score as justification for jacking up their rates to penalty rates. After all they have to earn back some of the BRIBE MONEY they paid congress to institute this law. Only one problem, it seems that the former practise has pissed of the CRA's who voricifely sponge any information they can about the consumer so they can procede to sell it nationwide for a big fat profit. Not having these accounts being reported leaves a hole in their records and gains them less $$. So in response the CRA's have blocked off these companies access to their credit services. And while sure they can get the info about a person by purchasing info from some data or marketing firm they sure as hell can't get the immediate negatives or a drop in a credit score that constant monitering does meaning in this one case the CRA's have saved you from being RIPPED OFF even further by your creditor. As Creditworks has always maintained "the banks' greed can work against them".
RE: When two wrongs equate int This seems hard to believe, although your other postings have built your credibility in my eyes. What happens to their leverage over you when they don't report your performance to the credit agencies? You could do anything and get away with it, the whole thing would happen in private. Or do they report you ONLY when you pay late, go into collection, etc. without ever reporting any good information?
RE: When two wrongs equate int Hard to believe? Come now. The banks have shown no bounds with their greed should this be any surprise. Though its probably killing their cold beancounter hearts that they can't have it 'both ways'. As I stated, in this case they have come in direct conflict with entities that are even more morally corrupt and possibly even greedier (certainly TransUnion) then they are. Perhaps I should have titled my post when evil conflicts with evil society as a whole wins In any case, while I am certainly not recommending a course of abusing one's account for while its true they are blocked by the CRA's from reporting, yes even negative information, you would still leave yourself open to fees, penalties and a potential lawsuit. If you do find yourself stuck with one of these non-reporting companies and you have a good payment history you can ask a creditor to fill out a universal data form (UDF) and submit your record to the credit bureaus. The credit bureaus reserve the right to charge a small fee. The universal data form allows an update to a record, deletion of a record or to add a new record. If your lender does not want to pay the fee, pay the fee for them to add the trade line. The only problem is it will not continue month after month but rather a onetime entry to reflect the status at the time it was submitted. This is better then nothing. In actually this is somewhat similar to what these companies would be purchasing from the data/marketing firms. Of course seeing your overall credit record from a third party does them no good at least as far as attempting to raise your rates as they CANNOT legally state the typical crock line "due to information recieved on your credit report" this includes the credit score which creditors NEVER admit they base it on. So, at least as far as these creditors are concerned as long as you maintain your account in good standing you should be alright.
