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 #514719-00077

Submission Number:
James Swistek
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 recently had my MBNA Credit account adjusted from a 10% rate to 20%. When asked why they said that I had several accounts in arrears. I checked and what had happened is the CRA's transferred information from my son's records to mine! He has the same name and does not pay his bills. I faithfully pay all my bills on time and have done so for 53 years! This all started because an Auto Dealer in Michigan had a loan processed through National City Bank. The information on the loan is all his except for the SSN # which is mine! How does this happen? After he was late with payments National City then reported that I changed my address, my employment etc... Which I havn't. Why is this allowed? Shouldn't the CRA or in this case National City at least notify me in writing so I can respond. Why is the consumer responsible? To make this even more absurd I and my son went to the local National City Bank. They tried to correct but said that it was being held up in corporate. I called corporate and they told me it would take up to 90 days to correct!!!! 90 days I have to wait for my credit report to be cleaned up ! In the meantime I am responsible to make HIGHER Payments and interest to MBNA roughly $200 more per month because someone screwed up somewhere and won't correct for 90 days! And why does MBNA have the right in the first place to up my rates as they have ALWAYS been paid on time? Why do you let this happen? Where is the common sense? All of this could have been resolved by requiring the CRA notifiy the consumer in writing that something negative is going to be put on there record. This would provide the consumer the opportunity to respond and get corrected if necessary. Or, Is this a plot to make the CRA's rich selling reports and services? A lot of this as in my case could have been resolved before my credit and credit score was effected if the law required the CRA to provide in writing what is being added to your file giving the consumer at least the opportunity to protect himself. In my current situation the timing could not have been worse. I had a house built and it will be done in May. I sold my current home and am temporarily living with my stepson. I am waiting to find out if the other accounts that are not mine are being corrected before I have the financing go through. If this does not occur soon I may lose the house I had built. Is this fair? Why arn't the CRA's responsible to compare SSN numbers on the 7 accounts that are my son's and have his SSN number assigned to them? Why are they allowed to arrbitrarily move data from His report to mine? What legal recourse am I provided? Again, all of this can be prevented or at least be made fair if the law were changed to require that the CRA provide the consumer or person in writing any negative information that is about to be added to there report and provide the consumer or person 30 days to respond. The burden should not be on the innocent. I cannot relay to you the time I have spent trying to get this corrected nor the cost as I was not going to wait for my reports to be mailed. Shouldn't we be able to get a free online report that we could look at right away??? Also, my son called each of the accounts told them but they all required me to get corrected. Again, why? Burden is on the innocent. Given you are a government agency I am not expecting much to be corrected as money talks and evidently the CRA's have the money selling the freakin reports to Innocent people that they screwed with.