| Comment Number: | 522110-00059 |
| Received: | 5/21/2006 1:54:18 AM |
| Organization: | |
| Commenter: | Greg Lawrence |
| State: | WA |
| 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:
Is there any way the practice by some CC companies of not reporting monthly balances and not reporting credit limits could be ended? Certain companies will only report high balances; even though that balance may have been paid and reduced to zero, weeks and months prior. If a credit user has, say a $10,000 credit limit and has a reported high balance owed of $4,520, the assumption by Fair-Isaac (F.I.C.O.) is that either a) the user has used most of his available credit for that card or that (b) his limit is within a few dollars of the high balance owed. Neither of which are necessarily true and accurate. Either way, your F.I.C.O. score is adversely affected, and the CC company can keep you, the creditor, from qualifying for lower interest rates and better CC card offers. Thank you for your consideration, Greg Lawrence