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Credit Reporting Agency Reform

Credit Reporting Agency Reform

29 signatures 21 to reach 50
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Started by Anonymous 17 years, 5 months ago
I am a soon to be new business owner. In the last stage of realizing my financial goal, I am now bringing my loan applications, personal financial statements and business plan to financial institutions to obtain funds. I was informed that for each bank I meet with a credit report will be pulled so as to determine my credit score and credit worthiness.This I knew. What I did not know was that my credit score will go down in points each time it is pulled. I will of course shop for the best interest rate for my business loan, so my credit score may go down by as much as 10 points. This is ludicrous and anti- small business. At a time when the federal government is rolling out stimulus funds to encourage growth in the small business sector and shore up ones that need more financing this is painfully hurting a new business before it even opens its doors. Pleae help by signing this petition so the credit reporting agencies and banking institutions will be held accountable for gross prejudice and be pressured to reform this common practice.

Updates

July 3, 2012

I have been hearing from dozens of small business owners who faced the exact same unfair penalties while shopping for loans. Post this link on Facebook to expose how these agencies punish us for simply seeking the best interest rates. Contact your local representative today to demand that they end this practice of penalizing entrepreneurs for comparing financial options.

July 3, 2012

We hit a new level of momentum today that proves we are not alone in this fight against predatory credit practices. Post this link on your Facebook wall right now to keep the pressure on these banking institutions. Call your representative and demand they address how these score penalties hurt new business owners.

3 Comments

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Mark Pierce
17 years ago Featured

This happened to me last year when I tried to get a start up loan. My score dropped so much just from checking around that I got denied by the last bank. Total scam.

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Sarah May
17 years ago Featured

Ridiculous! How are you supposed to find a fair rate if you get punished for shopping around? Fix this now.

D
David Saleh
17 years ago Featured

SERIOUSLY. banks hold all the cards and we get penalized for trying to do things the right way. sickening.

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