Credit Score Reform
Its time to fix the poor credit score code.
With the economy in its current state, it is time to fix the credit score system. Do to the housing market crash, the unemployment rate, and the country's overall downward spiral. Its has left the burden of decreasing the Americans credit scores which will not allow the American people to get a loan of any kind to help themselves or there families.
In most cases the American people are in a financial situation that allows them to afford the loan with the current job they have but since the entire loan is based off of a silly three digit number, this is not possible. It takes far to long for any poor choice of an American to come off of there credit report, in the mean time they continue to struggle with debt or foreclosure etc.
It is time that congress concentrate on Credit Score Reform to get Americans back on track to controlling there debts and affairs. Allowing them to access loans, refinances, business loans etc. and make it law that it is up to the bank to decide the interest rate based on the individuals situation and current income. Americans have taken a HUGE hit on there finances with the poor economy and unemployment and it is not entirely the American peoples fault. This would be a sure way to give the American people a fresh start, which in turn could create jobs, save families and push the economy forward.
This is what i purpose:
a) BEFORE ANYTHING CAN BE PLACED ON AN INDIVIDUALS CREDIT REPORT, THE CONSUMER MUST BE NOTIFIED AND HAVE THE OPPORTUNITY TO DISPUTE FIRST.
b) THE CONSUMER SHOULD NOT HAVE TO CHALLENGE AFTER THE FACT. ONLY TO FIND OUT THAT IT IS TOO LATE TO DO SO.
c) IT SHOULD NOT BE THE RESPONSIBILITY OF THE CONSUMER TO MAKE SURE THERE CREDIT REPORT IS UP TO DATE EACH YEAR. IF THE CREDIT BUREAU REPORTS THE INFORMATION THE THEN THE CREDIT BUREAU SHOULD BE THE ONE TO MONITOR IT AND REMOVE THE INFORMATION AT THE CORRECT TIME.
d) CREDIT MONITORING SCAMS AND CREDIT REPAIR SCAMS SHOULD BE TERMINATED IMMEDIATELY AS THEY GIVE FALSE HOPE TO CONSUMERS AND CAN ALSO RUIN THERE CREDIT MORE THEN HELP IT.
e) ALL CREDIT REPORTS MUST PURGE ANY AND ALL INFORMATION WITHIN A 2 TO 5 YEAR TIME FRAME. CONSUMERS SHOULD HAVE THE RIGHT TO ESTABLISHING CREDIT IN A QUICKER MANNER THEN THE CURRENT SYSTEM. ESPECIALLY THOSE THAT HAVE SUFFERED FROM THE POOR ECONOMY AND FORECLOSURES ERA
f) BANKRUPTCIES AND FORECLOSURES SHOULD ONLY REMAIN ON A CONSUMERS CREDIT REPORT FOR NO MORE THEN 5 YEARS INSTEAD OF TODAYS 7 TO 10. AFTER THIS TIME IT SHOULD BE WIPED CLEAN AND ALLOW FOR A FRESH START.
g) CREDIT AGENCIES MAY NOT HOLD ANY INTREST IN ANY UTILITIES,AUTO LEASING, OR ANY BUSINESS RELATED INDUSTRY THAT REQUIRES A REPORT FROM THE CREDIT COMPANY. THIS COULD LEAD TO SOME TYPE OF PREDATORY LENDING OR ANOTHER ILLEGAL PRACTICE.
h) EMPLOYERS MAY NOT VEIW A CONSUMERS CREDIT REPORT FOR EMPLOYMENT PURPOSES UNLESS THE SAID EMPLOYER IS GRANTING SOME TYPE OF LOAN TO THE INDIVIDUAL THAT REQUIRES A REPAYMENT PLAN OF SOME TYPE. TH
In most cases the American people are in a financial situation that allows them to afford the loan with the current job they have but since the entire loan is based off of a silly three digit number, this is not possible. It takes far to long for any poor choice of an American to come off of there credit report, in the mean time they continue to struggle with debt or foreclosure etc.
It is time that congress concentrate on Credit Score Reform to get Americans back on track to controlling there debts and affairs. Allowing them to access loans, refinances, business loans etc. and make it law that it is up to the bank to decide the interest rate based on the individuals situation and current income. Americans have taken a HUGE hit on there finances with the poor economy and unemployment and it is not entirely the American peoples fault. This would be a sure way to give the American people a fresh start, which in turn could create jobs, save families and push the economy forward.
This is what i purpose:
a) BEFORE ANYTHING CAN BE PLACED ON AN INDIVIDUALS CREDIT REPORT, THE CONSUMER MUST BE NOTIFIED AND HAVE THE OPPORTUNITY TO DISPUTE FIRST.
b) THE CONSUMER SHOULD NOT HAVE TO CHALLENGE AFTER THE FACT. ONLY TO FIND OUT THAT IT IS TOO LATE TO DO SO.
c) IT SHOULD NOT BE THE RESPONSIBILITY OF THE CONSUMER TO MAKE SURE THERE CREDIT REPORT IS UP TO DATE EACH YEAR. IF THE CREDIT BUREAU REPORTS THE INFORMATION THE THEN THE CREDIT BUREAU SHOULD BE THE ONE TO MONITOR IT AND REMOVE THE INFORMATION AT THE CORRECT TIME.
d) CREDIT MONITORING SCAMS AND CREDIT REPAIR SCAMS SHOULD BE TERMINATED IMMEDIATELY AS THEY GIVE FALSE HOPE TO CONSUMERS AND CAN ALSO RUIN THERE CREDIT MORE THEN HELP IT.
e) ALL CREDIT REPORTS MUST PURGE ANY AND ALL INFORMATION WITHIN A 2 TO 5 YEAR TIME FRAME. CONSUMERS SHOULD HAVE THE RIGHT TO ESTABLISHING CREDIT IN A QUICKER MANNER THEN THE CURRENT SYSTEM. ESPECIALLY THOSE THAT HAVE SUFFERED FROM THE POOR ECONOMY AND FORECLOSURES ERA
f) BANKRUPTCIES AND FORECLOSURES SHOULD ONLY REMAIN ON A CONSUMERS CREDIT REPORT FOR NO MORE THEN 5 YEARS INSTEAD OF TODAYS 7 TO 10. AFTER THIS TIME IT SHOULD BE WIPED CLEAN AND ALLOW FOR A FRESH START.
g) CREDIT AGENCIES MAY NOT HOLD ANY INTREST IN ANY UTILITIES,AUTO LEASING, OR ANY BUSINESS RELATED INDUSTRY THAT REQUIRES A REPORT FROM THE CREDIT COMPANY. THIS COULD LEAD TO SOME TYPE OF PREDATORY LENDING OR ANOTHER ILLEGAL PRACTICE.
h) EMPLOYERS MAY NOT VEIW A CONSUMERS CREDIT REPORT FOR EMPLOYMENT PURPOSES UNLESS THE SAID EMPLOYER IS GRANTING SOME TYPE OF LOAN TO THE INDIVIDUAL THAT REQUIRES A REPAYMENT PLAN OF SOME TYPE. TH
View Comments