Although these credit bureaus claim that they make every effort to report accurately, I caught at least one bureau, Equifax, failing to report the type of creditor in their database even though they have such a field, “Creditor Classification”. If these bureaus did an earnest job to verify the status of creditors, these subscribers would not have the right to make multiple placements of the original account or create bogus accounts.

The verification of a creditor would be based on whether it can produce the documents of the original loan agreement and the chain of title from the creditor to the collector. Otherwise, the debt buyer (collector) is not a party to the original agreement and it cannot report the debt. It is critical to make this point clear when disputing the credit bureaus because they will toss the investigation back to the consumer if they get an answer from the collector that the debtor “owns” the account.

Here is a link for the full FCRA and free info for credit repair and debt elimination:

http://www.creditinfocenter.com/

Please read on debt and creditor validation:
http://creditinfocenter.com/rebuild/debt_validation.shtml

How to fix your credit with the bureaus:
http://creditinfocenter.com/repair/Repair.shtml

How to dispute directly with the creditors:
http://creditinfocenter.com/repair/DisputingWithOriginalCreditor.shtml

When writing to the original creditor, state the law clearly and ask them to produce records – this is a good letter sample:

http://www.creditinfocenter.com/forms/sampleletter17.shtml

There is light at the end of the tunnel…

Jule

Thanks

Newt

Re-aging of accounts by collectors to keep negative information on credit reports longer than allowed by the FCRA is an absolute NO-NO. See http://www.ftc.gov/os/statutes/fcra/johnson.htm and http://www.ftc.gov/opa/2004/05/ncogroup.htm

And yes, there is a lot of mis-reporting going on out there, intentionally poisoning reports to inflict more damage than is due, basically to hold the FICO score hostage. We need look no further than the CDIA to see who’s doing it and why.

The fico black mail that is currently going on is..

Junk Debt Buyers reporting as factoring companies and showing debts that where never installment accounts as installment accounts. Updating or reposting a collection account every month so it looks fresh to the fico system. Reporting wrong, higher amounts owed. Showing collection accounts as 30-120 days past due. (they don’t have due dates..) and the such.

I have a real problem with FICO! First of all, who determined that FICO should be the “Gold Standard” for creditworthiness? Remember, this is a PRIVATE company, and so are the Credit Bureaus! Who gave PRIVATE companies ALL of this power? I never got to vote on this, in our “so-called” DEMOCRATIC government! Secondly, where did ANY of us “AGREE” to be bound by FICO? Isn’t this FICO “scoring system” an implied Agreement that was NEVER disclosed to any of us? I surely didn’t sign up NOR did I ever agree to be bound by FICO, but apparently, every car dealership, every home builder/financial institution has used FICO to undoubtedly & unfairly make our credit scores LOWER so that they (banks/lending institutions) can make MORE interest(%) on loans, etc., thus keeping ALL of us LONGER in DEBT! Of course, if you don’t agree to the company’s “policies” that extend you credit, then they simply REFUSE to do business with you. So, the TRAP is set, to FORCE us into a highly UNFAIR “credit reporting system” by PRIVATE companies, used by other PRIVATE companies, whose “policies” are NEVER in your favor! Thirdly, if there isn’t, there should be an OPTION to “opt-out” of FICO, as I share the same thoughts as many of you, that FICO does not accurately represent the creditworthiness of an individual (i.e. FICO doesn’t list assets vs. debt, debt ratio %, etc. Fourthly, there used to be a credit system that judged a person’s credit based on BILL PAYMENTS, PAYMENT HISTORY, etc. There’s a fine distinction I’d like to share, there’s a BIG difference in payment history/making payments on time VS. a FICO Score. For example, I have 15 accounts that have ALWAYS been paid on time, and I’ve NEVER been late on ANY payment(s); however, my FICO score is as low as 605. So, in my case, I can’t even get a “Fair” loan because I don’t have above a 650 FICO score…..!!! Unbelievable!!! Now, how does a person, such as me, have a “perfect” payment history forever, and I’ve NEVER been late on any payments whatsoever, have a 605 FICO score? That, to me, is truly astounding!!!!! If a bank looked at my payment history, I’d be a PERFECT candidate for a loan, yet FICO says that I’m a deadbeat, dumb, not a sound financial risk, etc. In my opinion, FICO is unlawful, unjust and completely slanted in favor of the banks/lending institutions.

My thoughts going forward: Start a Corporation, Get a D&B#, Build Corporate Credit, Add Good Accounts to your D&B file by CONTROLLING your own credit/building your own credit history, and throw your FICO in the El-Trash-o! Personally, I don’t care what the credit bureaus do, as I am voluntarily REMOVING myself from a system that does NOT do anything to help an individual, but is set up (perhaps by design) to ALWAYS make the consumer LOSE & the banks WIN! There is NO “WIN” in sight, when we are bound by FICO.