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RANT: Credit bureaus
Posted by: DP
Date: December 15, 2016 09:13AM
Yesterday I get an email notification from a credit card saying my credit score has changed. It's legit, don't worry, I've gotten them before and it doesn't provide a link, it just says to log on to the card that provides the service. The point tho is that I didn't get to it as I had other things to do and before I got to it, the mail arrived in the afternoon.
I got a letter telling me that the company that I had my last vehicle lease with had notified the credit bureau that I had indeed paid off the lease.
Here's what the rant is about: (1) The lease ended in August of 2014 and I had a letter already from back then that the requirements of the lease were satisfied and said lease was discharged. (2) In the Spring of this year, we re-fi'd our house loan and one of the credit checks showed I had a final bill due to the lease company that hadn't been paid! I called the leasing outfit and they said, yes, the lease had been paid off and I was in the clear and (of course) they had no idea why this was on my credit report! They told me it would be taken care of right away.
So I get this letter yesterday saying that they had notified the lease company! Six months later? WTF?
If I were President, the second thing I'd do, after I changed the tax law to a flat tax, period, is then I'd go after the credit bureaus. IMHO, if they have this power to govern and regulate our lives (second only to the power the IRS has), then they should be responsible to keep everyone's financial situations up to date and accurate. I don't see how we should have to track down our own financial issues to keep our credit scores up to date when we have nothing to say about it anyway!
A couple of years ago, I also found out that I had a tax lien still on my record from a few years before that I had taken care of, yet that was still on my report. And it was listed on my county's Register of Deeds!
At least now my credit rating is just a couple notches below perfect but it could've been this number years ago if the the credit bureaus were up to date. I asked at the county who is responsible for getting the information of discharged loans, tax liens, or any other issues that affect credit scores and of course they shrug their shoulders and say, "I don't know."
Thx for letting me rant. I know I'm not the only one who has these problems but I really feel changes are needed.





Disclaimer: This post is checked for correct spelling, punctuation, and grammar. Any attempts at humor are solely the responsibility of the author and bear no claim that any and all readers will approve or appreciate said attempt at humor.
My name is DP, and I approve this message.
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Re: RANT: Credit bureaus
Posted by: billb
Date: December 15, 2016 09:22AM
too big to fail



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The doorstep to the temple of wisdom is the knowledge of one's own ignorance. -Benjamin Franklin
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Re: RANT: Credit bureaus
Posted by: Lux Interior
Date: December 15, 2016 09:26AM
If I were President, the first thing I would do is make people use carriage returns for legibility.

Then I would send out a tweet saying that the government does not run the credit reporting agencies. Please address your concerns to the invisible hand of the free market.
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Re: RANT: Credit bureaus
Posted by: bobinmurphy
Date: December 15, 2016 10:06AM
Credit Karma is free and can be your friend. I noticed the other day that the Equifax report on me that Credit Karma showed had some incorrect information. It listed a residence that belonged to my ex-wife and it had an alias listed for me which was in fact just a common misspelling of my name. I filed a dispute with Equifax, supplied the documentation they asked for (driver's license, SSN and utility bill) and within 3 days they'd removed both from my credit report.
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Re: RANT: Credit bureaus
Posted by: testcase
Date: December 15, 2016 10:15AM
LOTS of inaccurate information on credit reports. Good luck in trying to get any of the credit reporting firms to listen and then act on a person's objections. Good luck in just getting to SPEAK with a human being at any of the credit reporting firms. Many years ago, my report showed that I had paid off a car loan; I was TWELVE YEARS OLD when said loan was paid off!


I've heard of something called a "609 Dispute" that can be filed with credit reporting firms that supposedly forces the firms to remove questionable items. I need to find out if that's just another internet scam.
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Re: RANT: Credit bureaus
Posted by: Paul F.
Date: December 15, 2016 10:25AM
They only have power over you when you borrow other peoples money.
If everyone did LESS of that (not even "none"... just LESS), the big bad evil credit bureaus lose all of their mythical powers over you.



Paul F.
-----
A sword never kills anybody; it is a tool in the killer's hand. - Lucius Annaeus Seneca c. 5 BC - 65 AD
----
Good is the enemy of Excellent. Talent is not necessary for Excellence.
Persistence is necessary for Excellence. And Persistence is a Decision.

--

--

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Eureka, CA
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Re: RANT: Credit bureaus
Posted by: Acer
Date: December 15, 2016 10:31AM
The best news from a bureau is "Your credit score is slipping because you don't borrow enough."
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Re: RANT: Credit bureaus
Posted by: Filliam H. Muffman
Date: December 15, 2016 10:46AM
The credit bureaus are a major annoyance but I would go after the tax prep companies that have prevented the IRS from figuring your tax for you.



In tha 360. MRF User Map
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Re: RANT: Credit bureaus
Posted by: fmgtech
Date: December 15, 2016 11:12AM
Quote
Lux Interior
If I were President, the first thing I would do is make people use carriage returns for legibility.

Then I would send out a tweet saying that the government does not run the credit reporting agencies. Please address your concerns to the invisible hand of the free market.

DON'T COMPLAIN, IT COULD HAVE BEEN ALL CAPS!!!!!!!!!!
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Re: RANT: Credit bureaus
Posted by: GuyGene
Date: December 15, 2016 12:42PM
agree smiley with about all the above. Daggnabbedit. I remember when there was no such thing as these rip off credit reports mess agencies. Useless. Loathe them.



That old man - he don't think like no old man...
Now I wouldn't want to be within 400 - 500 yards of one of them nuclear bombs when it goes off! WW1 Vet Old Man
"He's pinned under an outcropping of rock. Lucky for him, the rock kept the dirt from burying him alive."
If idiots could fly, this place would be an airport. And I'd be a TSA agent.
A bonified member of The Mystic Knights of The Sea, George P. Stevens, President. Andy Brown, Treasurer, Algonquin J. Calhoun, Legal Consultant.
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Re: RANT: Credit bureaus
Posted by: gabester
Date: December 15, 2016 12:48PM
I agree with the sentiments expressed above.

But most importantly, entities should not be able to enter reports against your credit ranking to the bureaus without also notifying you.

I'm weary of this model that assumes I want to take agency over every aspect of my life. Yes, I want reasonably competitive choices for acquisitions and services where that makes sense. But beyond that, I just want to live my life. I don't like every entity out there assuming that I'm going to regard their intersection into my life as something primary to which I am going to pay lots of attention - that actually takes away my agency from choosing the things that are important to me by nickel and diming away my most precious of resources - limited time! Of course, time is immaterial to non-human entities, so unless there is a significant regulatory change towards opt-in systems, the well being of us flesh-and-blood people will suffer at the auspices of corporations, nonprofits, and governments.

It'd be entirely another thing if there was a transparent, unified, simple platform to address all of these bogus existentially detracting requirements from "just living."

That's one of the reasons it must be great to be in the 1% - you've got the wealth to pay other people to deal with these headaches for you and still be getting better off.
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Re: RANT: Credit bureaus
Posted by: davemchine
Date: December 15, 2016 01:02PM
At my previous job it was my responsibility to prepare the files to be transmitted to the credit bureau. I am not an expert but what little I learned convinced me these were poorly run entities. I would generate a file containing over 100k entries indicating changes to a person's account status, transmit it, and the credit bureau's would indicate it was accepted or not accepted. Over time I learned the CB's reject certain entries for various reasons. Unfortunately they did not provide any mechanism to review those rejections. If over 15% of the file contained rejected entries they would notify me they could not accept the file. So I had no way to know who's accounts I was accurately updating and who's I wasn't.

As you can imagine we would periodically receive calls from people like DP saying, "WTF!?" Then we would go through the steps of verifying we had transmitted the appropriate code to the CB's, we would check the CB's system to see if they had a matching code, and if not we would just transmit a removal code. We would have no way to know if the removal code would work either though so we would also send a physical paper request to have the entry removed.

I've written a bit of a book simply to illustrate the CB's are messed up and not every company has the time to baby sit them.
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Re: RANT: Credit bureaus
Posted by: davemchine
Date: December 15, 2016 01:05PM
BTW, when I started sending files to the CB's I was using those big tape spools. I would have to create three of them and ship them to the CB's. Sometime in the following four weeks they would ship the tape spools back with a little note indicating if they had accepted the file or not. Tech has really changed!
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Re: RANT: Credit bureaus
Posted by: DeusxMac
Date: December 15, 2016 01:12PM
Quote
Lux Interior
If I were President, the first thing I would do is make people use carriage returns for legibility.

smiley-laughing001
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Re: RANT: Credit bureaus
Posted by: Rick-o
Date: December 15, 2016 01:56PM
If I was president,
I'd get elected on Friday, assassinated on Saturday,
and buried on Sunday.


My latest beef is Chase Bank sending me a notice that they were closing a credit card account I hadn't used in years, which was fine by me as the two cards I actively use are more than enough for my needs.

Next credit score was three points less than the rock solid 815 I've had for many years without change. I did nothing but not use their card to get a smaller score.

Good thing I don't use much credit these days. I hate how the current system works. censored smiley



Mr. Lahey: A lot of people, don’t know how to drink. They drink against the grain of the liquor. And when you drink against the grain of the liquor? You lose.

Randy: What the @#$%& are you talking about?
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Re: RANT: Credit bureaus
Posted by: DP
Date: December 15, 2016 02:54PM
Next credit score was three points less

That was another thing. When we re-fi'd, the mortgage company showed me the credit report they had received on me and it had fallen slightly (other than the lease issue) because of the mortgage company's requests!





Disclaimer: This post is checked for correct spelling, punctuation, and grammar. Any attempts at humor are solely the responsibility of the author and bear no claim that any and all readers will approve or appreciate said attempt at humor.
My name is DP, and I approve this message.
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Re: RANT: Credit bureaus
Posted by: Bimwad
Date: December 15, 2016 04:47PM
This thread is the perfect illustration between reading something, and knowing how to interpret something.

A credit score is just that, a score. Three points is insignificant, even when you don't consider that scores fluctuate along with credit activity and reporting.

Any lender who is going to accept considerable risk and lend significant amounts of money not only considers the range where a score falls, but also the content of a report.

They are not purely quantitative evaluations, but also qualitative evaluations.

A temporary slight drop in a score due to pulls from shopping for credit like a mortgage is not going to make any difference. The lenders recognize that situation and take that into account.

OTOH, if you acquire a new vehicle, in addition to running up the tab with a new big screen TV, a couch to go along with it, and open new credit lines in the course of that...then ask for a new mortgage...that will perk up some ears.

The credit bureaus certainly have their failings, with the accuracy of their data, and in how they handle customer service.

But their largest failing, perhaps, is in doing a poor job educating consumers about what they actually do, and how their data is used.

Unfortunately, maintaining one's credit history sometimes does need to be a proactive endeavor, beyond just being a responsible borrower.
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Re: RANT: Credit bureaus
Posted by: Mr645
Date: December 16, 2016 06:41AM
More and more lenders are moving away from using the score to creating their own criteria to determine credit worthiness.

Example. Friend recently went through a divorce, his wife got the house but had no way to afford the mortgage. A year later the house us being foreclosed on, friends credit take a big hit since they are both on the title. His score drops from 800 to 660. Now his lease is up on his car, time for a new car.

The car leasing company gave him top rates on his new lease, mostly based on the car that there were 8 car loans/leases on his record all with a perfect payment history. They overlooked the real estate foreclosure and he got a lease rate that would normally require a 720+ score.
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