The FACT Act of 2003:  Notice and Request For Public Comment On the Effects of Credit Scores and Credit-Based Insurance Scores on the Availability and Affordability of Financial Products #514719-00021

Submission Number:
514719-00021
Commenter:
scott williams
State:
Not in the US
Initiative Name:
The FACT Act of 2003:  Notice and Request For Public Comment On the Effects of Credit Scores and Credit-Based Insurance Scores on the Availability and Affordability of Financial Products
I am a volunteer consumer advocate so I deal with credit matters alot. While the system is basically ok there are some things to consider. The first is that some credit card companys are not reporting credit limits on purpose i.e. capital one. This causes your score to be lowered as it appears like your credit limit is maxxed. Secondly, home equity loans should not be reported as revolving accounts as some loans i.e. 80/20 loans which is used to get around pmi can destroy your credit. Another thing to consider are inquiries. Experian and transunion refuse to investigate inquiries even though the law states they must. I have hard inquiries from identity thefts still negatively affecting my credit. The worst thing of all is that the credit bureaus are now allowing creditors to pull credit reports with just name and city or name and state. This is helping identity theft. Make is you cannot pull without a SS#