|Received:||6/28/2006 11:16:52 AM|
|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 was doing some research into refinancing our home. We are not behind nor in debt. Just doing research to perhaps get a lower payment but by no means are we desparate. We were contacted by Quicken Loans. I pulled my husbands and my credit reports (yesterday) last night after the first 3 phonecalls from Quicken Loans banker Todd Trompeter. Today, I informed the little boiler-room salesman that called again several times that I had pulled it. I saw many errors on my husband's credit report. The salesman told me that he had a great readout from both of our scores combined. I said, But it doesn't even list my husband's correct employer! He said, Well that doesn't matter, what I have shows your records are in good shape, but it doesn't show employer information. That's exactly what he said. He said our combined scores were 665. What does that matter if the so-called official credit reports are grossly incorrect? He didn't have our official reports anyway. He said that what he was looking at did not disclose our employers and other key issues - so how can they pre-approve"us??? THAT IS FRAUD. They tell us they can pre-approve us - with what? He TOLD me he didn't have a full credit report. So WHAT is this pre-approval based on? Gut feelings? It's OKAY for our so-called credit REPORTS to not show my husband's correct employer????? We'll get approved for a loan with incorrect information on our official financial statements and credit report? That's what he told me. That statement is where he totally lost me right there - 100%. I knew it was just a ploy to get a $500.00 good faith fee from me since no lender would let fraudulent credit report information slide. He was overly reassuring that all of the records would not matter - he could get me a loan with low payments - no problem. Just give him the $500.00 good faith deposit and send all the paperwork immediately. Point number 2: the paperwork did not have the numbers on it in writing that he pronounced to me over the phone. I DID NOT sign nor send any authorization to them in writing for anything. Most people would have been over-joyed to hear those words knowing that they have less-than-perfect credit. Sure they would. People in dire straights, hoping to refinance to get out of a bad situation are being LIED to and these are the people that are so desparate to get out of financial situations they'll believe just about anything to grab onto one ray of human decency and hope. Well, you won't get hope OR human decency from such outfits as Quicken Loans. I'm relieved that we had enough time and were in a calm situation so that we could evaluate what he sent for us to sign. Other people under mental stress of losing a home or other situations do not have the luxury of thinking so clearly or not feeling under pressure to do something FAST to save their home. Do the American public a favor and please champion an end to predatory lending and prosecute these financial institutions that are clearly taking people's last dimes, dashing their hopes and THEN taking their homes anyway!!! Another thing - On their Good Faith Estimate, they STATE that they use TSI Appraisal Services - quote: Whose Services We Repeated Use - unquote. That is COLLUSION. Please do your job and do something with this predatory lending outfit.