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
It's about time someone payed attention to the agony of the unknowing masses. With a single incident in 20yrs of driving , my insurance rates are unbelieveable simply due to credit scores. Then on the subject of credit scores, though I commend those who authored the FCRA ; actually getting the CRA's and those responsible for reporting to follow the rules is like pulling teeth from a chicken. It took several attempts to correct an error which would have given me, a 36yr old man; a 32yr credit history. I'm no rocket scientist but it would have seemed self evident to a 3rd grader that there was a problem. And then collection agencies being allowed to bully , badger and blatantly disregard the law with impunity is a rampant problem. Especially when you are 100% certain that you've never heard of them or owe them any money. The way in which they actually weere able to destroy my credit ( as promised by them. ) was brutally efficiant . ( After explaining to the woman on the other end for 30 min that this was an obvious mistake , she told me "Fine then we'll just ruin your credit by putting it on your report as late." After which it was reported to the 3 major CRA's as an open account with 120 days late. Being silly enough to think that rules are made to follow , I contacted the CRA's to dispute the matter. The creditor "verified" and "voila" I get caught holding a bag of which I had nothing to do. You might say ID theft , but this is far from it. The CRA's report the address of the debtor as being New York, Florida and Massachusetts. To make it even worse the supposed debtor contacted the creditor and told them to cancel the credit card from a New York address. Sorry for the rant but the public is an unknowing victim of a juggernaut lacking in common sense. Perhaps the scoring models used have some value in determining risk , but if you don't have a set standard of enforced rules you have to ask yourself if it's worth it to use a system which can actually destroy a persons life.