Honestly.. the credit companies did this to themselves.. (now.. hear me out..)
Ever have something show up on your report that was wrong? How easy was it to get it fixed?
I’ll tell you in my case..
8 years ago my ID was stolen.. There are STILL accounts on my reports from that ordeal. I talk with the bank the account was opened with who agrees it should not be on my report. I get a letter from said bank. I send a copy of said letter with a “dispute” to the reporting credit agency..
I have done this 10 times on one account. It’s STILL there.
I do think that this will of course allow government to ruin the system completely however.
I've never had a problem getting mistakes changed.
I got a problem with a credit reporting agency resolved with a phone call this morning.
8 years is an outrageous amount of time for a credit reporting problem to remain unresolved.
Check this out, partic. sections 605 and 611. http://www.ftc.gov/os/statutes/031224fcra.pdf
Yes, you can be sure if the government gets involved you will be dealing with another layer of office workers attempting to justify their existence.
Keep in mind this Consumer Financial Protection Bureau is a new agency and is attempting to wrap its tentacles around as many immovable objects as possible in the event Obama is tossed out and the new guy says, “This is all unnecessary make-work federal BS.” Yeah, I can just see Romney doing that. Heh.
Like `Affordable Health Care,’ if these little monsters aren’t strangled in the crib they become immortal and grow up to be EPA.
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.
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.