What can we do to replace our faulty credit reporting system?
LT asked:
Not only are the three bureaus inconsistent in their reportings, but people’s lives are sometimes ruined from stolen identities, erroneous credit reportings, and unauthorized inquiries. What can we do to reform this system?
Tina
Not only are the three bureaus inconsistent in their reportings, but people’s lives are sometimes ruined from stolen identities, erroneous credit reportings, and unauthorized inquiries. What can we do to reform this system?
Tina
Ida
first off get rid of the illegals that are creating the demand for stolen identities. There are many facets to this issue and they can only be addressed one at a time.
Juanita
Agreed, and I have no definitive answer.
Maybe Todd Davis of LifeLock has an answer….. or maybe not.
Todd
I think the answer is to abolish the system entirely and have a government-based system.
Also, I think credit card companies should be required to issue us (FOR FREE) new credit cards with NEW numbers when we sense our credit has been compromised.
About a year ago, I thought someone had my credit card number, so I requested a new card. The bank made me cancel my current (at that time) card before they would send me a new one, and they charged me for it. This makes no sense because I am the one telling them to send me another card. Why should they care if my account has two account numbers associated with it for a few days? If that’s so bad, then they should issue temporary cards so that we’re not left hanging in the wind while we’re waiting for replacement cards.
The credit reporting system is in my opinion a big scheme for big companies to make money. I don’t feel that 3 companies should have the power to determine whether I get a home, a car, or anything. However, I do feel that creditors should be protected. They should be able to find out our payment/credit history by having to make formal requests. They should not be allowed to pull our credit just when they feel like it.
In addition, credit card companies should not be allowed to raise interest rates or cut off borrowers’ limits because their credit status changes. If these companies took the “risk” to lend us money, then they took that risk based on what they essentially made a BET based on the information they found out when they made that decision. They should not be allowed to impact our interest rates and financial health based on more BETS (that we will go into default or stop making our payments) if we are PAYING THEM ON TIME. Just because we may pay OTHER debts late does not mean we will pay the companies that are raising our rates without having made late payments late. In our country we are innocent until proven guilty. Our credit system should work the same way.
The government needs to butt out of my bedroom, but when it comes to private companies sticking their greedy fingers into my private life, the government needs to intervene.