|Received:||6/10/2006 7:44:51 PM|
|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|
I think that the CRA's love incomplete, inaccurate credit reporting because then they not only have the creditor they also have the consumer by the wallet, buying credit reports and credit alerting subscriptions. With increased problems with identity theft they can sell the credit watch sending the consumer false alerts especially when it is time to renew. If you don't renew your credit watch with Equifax, you can't purchase a credit watch from another company they will block you. The reason why I purchased the credit watch was because of the inaccurate credit reporting. If you try to stop the subscription then equifax will do something bad to the consumers credit report to make them want to continue the subscription, to fix what ever they decided to change. It has become a money making scheme, and I believe it's time to find a different way, or hold the Credit Bureaus and furnisher to a higher standard. It is amazing to me that the CRA with the most incomplete and inaccurate credit reporting standards has been utilized in 95% of my credit transactions. That would be Equifax. I used to have a credit card with Capital One. I wrote to Capital One, and I sent my Capital One statement to all three CRA's asking that they report my correct credit limit as $1000.00 not $0. I have to say that Experian was the only CRA that would accept my information. Equifax and TransUnion refused to report the credit limit. The Fico score utilizes the credit limit as one factor to determine credit worthiness. Why would that information be excluded? I also had a problem with Belk reporting a negative comment on a closed account. I wrote to them and they corrected it. That was in 2004. 2 weeks ago they decided to report the negative comment again on ONLY my Equifax credit report, just around the time when my credit watch subscribtion is about to expire, and Equifax does not have a valid credit card on file to renew my subscription...what a coincidence.