Credit Bureau Standards
After reading this petition, if you agree raise your hand by signing it and passing it along. This petition is to discover how many people feel the same way and/or to educate people who may not be sure of what is happening to and with their credit reports. My intention is to obtain signatures, as many as possible, and perhaps get the attention of the Congress, the Senate or whomever it may concern; maybe even the President. There seems to be some unfairness tangled up in the bureaucracy of credit report control. We call America the land of opportunity but yet we make it hard for success with these credit report policies that ultimately slow the progress to succeed; especially with this new wave scoring system. Who invented the scoring system for credit reporting and what for? Of course if a person doesn’t pay his debts their credit report should reflect that. However, this petition is more directed towards the tasks of credit repair. This quest has become so difficult with the new scoring system and the new terminology until there is hardly room to say it benefits the US citizen. Nowadays one may need to hire a credit repair agency to assist them with the repair journey. My petition is NOT to put those type companies out of business or bring havoc upon them, but isn’t that financially doubling the effort? Most of those type companies come with a fee that does NOT go towards paying down your debt. It seems that as soon as all these different legislative rules were applied to the very task of credit repair the opportunity to capitalize on another way to make money came about; hence credit repair companies. I ask…how is that helping people to succeed? Years ago there was no such company as a “credit repair” company; you did it yourself. Nowadays doing it yourself is not easy and the results could be drastically different. How can we have it so that a credit repair company can have more clout to discuss our personal credit and get quicker and better results; in turn forcing us to need their help and shell out more money? My curiosity lead me to ask a company what they could do for me that I couldn’t do for myself and I was told that they could get you more points at a faster pace. I called around and this is what they all predict. Why? So one has to pay out an additional $300-600 or more to have someone else repair their credit, plus pay down their debt. Obviously, it has worked for some folks, but mainly those that are able to stay in the program and pay the fees along with paying down the debt. The not so fortunate have to attempt to do it themselves and wait for what seems like forever to start to see the results. Sometimes the bureaus give you the run around if you attempt to do it on your own. Does that sound like helping to you? I think there should be a law that says they should help you the same way they help credit repair companies assist you. Why is there a difference in time and points outcome. It should be the same whether one chooses to do it him or herself or if they choose to hire a company to do it. Why should a 3rd party be able to get more points at a quicker pace. Remember, I'm not knocking those companies I just think we should be able to get the same results if we chose to do it ourselves. Those who just don’t want to be bothered with the hassle of it all, that have the money can utilize these companies.
Here are a few questions I have for the government.
1. Why do we US citizens need 3 bureaus to report our credit? Wouldn’t it be easier if different states reported to 1 bureau; i.e. states in the west report to Trans Union, states in the east report to Experian – just hypothetically speaking?
2. If we must have 3 bureaus reporting then why do they all report differently? Why can't they get on the same page?
3. Why does an Inquiry such as applying for credit or loan decrease your score? What is the purpose of that?
4. Why does an inquiry stay on your report for 2 years? The inquiry has already decreased your score now it sits there for 2 years making your score harder to increase. What’s the purpose of this?
5. Why does it take 30+ days to have an item deleted or changed to be reported accurately (particularly if you do it yourself); then almost 30 more days for your score to reflect the (very small) point increase? Aren't we living in the computer age? Do we really need 60 days to do this?
6. Why when you have an error removed do you only get a small amount of points added (3-5pts); but when a new debt appears on your credit report it decreases your score by a larger amount (10-20pts). Is this what we call helping in the land of opportunity?
7. Where is the scoring system lists that shows the designated points given or taken for various hits on our credit reports? We should be able to see what points we incur for different things occurring on our report; i.e inquiry (-2pts), pay off debt (+5pts), debt removed (+ 8 -10 pts)? If you ask me this appears to be randon. A random decision of who gets your file and decides how many points he or she wants to give you. If this is the case. This should not be random. There should be a scale. If there is a scale then the public should be educated and aware of such scale and where to find it. We could be being cheated as far as we know. If this doesn’t make you wonder about this countries idea about your well being then I don’t know what will. People of all walks of life have credit problems today (some intentional some not intentional) from the wealthy to the poor and in between. If I'm wrong I stand to be corrected and would appreciate you enlightening me, but I've done my research and I've lived it so I feel very confident. WE NEED TO CHANGE THIS IF WE CAN!
With that said I petition to have these rules closely viewed by congress or senate and sought out to bring about a change in the near future that is beneficial to the people. If you would like answers to these questions or to see a change come about please raise your hand by signing off on this petition.