Posted on 07/16/2012 1:31:25 PM PDT by BAW
The companies that determine Americans' credit scores are about to come under government oversight for the first time.
The Consumer Financial Protection Bureau said Monday that it will start supervising the 30 largest firms that make up 94 percent of the industry. That includes the three big credit reporting firms: Equifax Inc., Experian and TransUnion.
In remarks prepared for a speech Monday, Richard Cordray, the government agency's director, said that scorekeeping by credit bureaus plays such a large role in Americans' financial lives, it requires scrutiny.
(Excerpt) Read more at hosted.ap.org ...
You have a point that the credit bureaus routinely screw things up and getting them corrected is like pulling teeth. I’ve experienced some of that, and no arguments.
That being said, Obama’s intentions here are somewhat more sinister. I’ve been predicting for many months that he’d eventually get around to attacking the very notion of credit scoring as RAAAAAACIST. And that once he was desperate enough he’d rerun the William Jennings Bryan campaign and start wailing on bankers. So it’s begun.
But with this doofus agency and it’s illegal director he is able to launch a dagger directly at the soft underbelly of Capitalism. If the Government takes de-facto control over who gets credit and how much, it is pretty much Game Over for the market economy. No doubt his plan all along.
It is about time the credit reporting agencies had some oversight. Through totally incorrect information they placed on my credit report they nearly cost me a home. It took four Weeks of intensive effort on my part to fix THEIR mistake. I cant fathom a system that is set up with no consumer protection and can do so much harm.
Im all for this.
Amen to that!
Credit ratings will now be political.
Corruption just waiting to be used.
“Do as we say or your credit will be ruined forever!”.....................
I have had enormous problems getting mistakes changed. And the "customer service" people I have spoken to are arrogant liars.
A little government supervision is just what these guys need. If they had been reasonable and responsive to people instead of treating everyone like a deadbeat liar they might not have gotten to this point.
And one toe over the line into police state.
As much as I would like to see an overhaul of the system, I get a sinking feeling that the government having a hand in this will be nothing short of disastrous.
Swell. Just frickin’ swell.
A credit reporting agency only lists items on on a credit report that are received from creditors. If a creditor reports a negative item it can be removed by the reporting agency, but will reappear if the creditor again reports the negative trade at a later date.
There are specific laws regarding how credit bureaus investigate disputed trade lines, and the laws are followed very carefully.
Credit bureaus do not assign either positive or negative ratings.
Here is what happens every time..
Lender send me a letter, signed with letterhead saying the item should not be on my report.
I send this letter to the credit reporting company.
They send back a letter 45-60 days later rejecting my letter and saying the trade line remains.
One reporting company flat out rejects the dispute and says “we don’t care. we’re not checking in to this any longer”
It has NEVER been off my report for even 5 minutes. It has not been updated in 4 years by the “lender”... It just never gets removed.
Soon it should just fall off on it’s own. Normally it’s 7 years..
About the only thing I can think of that could screw up the Credit Bureaus performance more is increasing government involvement.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.