| Comment Number: | 522110-00024 |
| Received: | 5/3/2006 11:42:14 PM |
| Organization: | |
| Commenter: | Andrew Hsi |
| State: | NM |
| Subject: | Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies |
| Title: | Advance Notice of Proposed Rulemaking |
| CFR Citation: | 16 CFR Parts 660 and 661 |
| No Attachments |
Comments:
Dear Commissioners, The processes of the credit verification companies such as Experian and Equifax are unfair. I began an application for home equity credit through Lending Tree. 5 banking institutions contacted me. They had different products that I couldn't really compare. My contractors had not given me firm bids. I didn't apply for a loan from any of the banks. Prior to the application, Experian gave me a rating of 801. After I received bids for improvements to my home, I contacted USAA and CitiBank. They provided me with information that showed that as a result of not completing applications through Lending Tree, my credit rating fell to 780. I also found that my rating at Equifax fell. I attempted to contact Experian through the toll free number they supplied to clarify my credit. I couldn't reach a person. I also asked the banking agent at CitiBank to find a way for me to speak with Experian as Experian is a CitiBank subsidiary. He never got back to me. I completed a loan application with USAA. However after the experience I had, I write to protest the business practices of the credit rating agencies. I feel that customers should have a way of protesting a change in their credit at minimum. I believe that the decisions I made showed financial restraint and prudence and the credit rating companies penalized me for that unfairly. Given the penalty they assessed to my credit rating, I feel I should have the satisfaction of dealing directly with a senior officer of their companies so that someone in their organization will feel the personal accountability of misrepresenting my reputation. Sincerely, Andrew Hsi