|Received:||6/23/2006 12:20:48 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 have had numerous problems in attempting to refinance my home for over two years due to erroneous information contained in my credit report. I have spent countless hours attempting to correct this information. ALL THREE os the major credit bereaus have placed so many roadblocks in front of my efforts that I had given up on several occasions. This year, I made a concentrated effort to finally do battle with the big three. As a single parent, it has been extremely hard on me to take time away from my family to jump through the hoops of the big three. Finally, enough incorrect information has been removed from my credit report so I can proceed with my refinancing. My refinance will save my $375.00 per month. I have been at this for TWO YEARS!! At $375.00 per month, the credit bereaus have cost me $9,000. All of the information I requested to have removed was legitimately incorrect. NONE of the big three bothered to follow the procedures set forth by the FCRA. When they verified information as correct, they all refused to provide me with any information as to how they verified the information. I had to write letter after letter after letter to get this information. When I finally pushed hard enough, they removed the information because they had NOT verified anything. The big three benefit greatly by keeping consumers in the dark. Each time someone is denied credit, there is an incentive for the consumer to purchase a copy of their report. Unfortunately, the copy of the report purchased by the consumer is seldom the same report that is given to a potential creditor. This allows the cycle to begin again. The system of credit reporting is broken beyond repair. It needs to be eliminated and a new system put in place.