Jan
23
Below is a copy of a letter sent to President Obama and each of my congressmen today.
If you have had your chances for a loan, mortgage, or job destroyed due to inaccurate credit bureau information, now is the time to speak up and ask for reform
Dear President Obama,
I am writing to ask you to focus attention on one significant aspect of the credit crunch that has not received much press - the effect of inaccurate credit bureau information on the ability of consumers to obtain credit.
Americans cannot obtain mortgages, credit cards, auto loans, or employment without a good credit score.
However, the credit bureaus have too much control over our destiny and too little control exerted over their inaccurate reporting.
Last week, I was delayed on my mortgage approval due to inaccurate credit report.
I have been working several hours each month over the last two years to clear up problems. The result - I currently have 3 bills that I know I need to pay off. These are leftovers from a period when I got divorced, lost my job in the tech downturn, had my house and everything in it destroyed by fire, and was out of work for 3 years when my son was undergoing a medical crisis. During this time, I managed to survive without going on public assistance of any kind.
My credit bureau currently shows 17 negative accounts - 14 inaccurate ones.
These may be reported past the 7 year limit for negative information.
One of the worst offenders is the US Department of Education. My loan has been rehabilitated for a year, with 20 payments made on time. However, they are still reporting me to TransUnion and to Equifax as being in collections.
I have had 8 phone numbers with Verizon, all of which have had all bills paid off. 3 of the accounts are showing different amounts for Verizon.
Comcast Cable has reported me to two different bureaus, for a total of 4 accounts, for an account which is also paid in full. Two of the collection accounts are for equipment returned at the time I moved from the house.
Progressive Insurance is reporting through a collection agency that I owe $273 on an old bill. I paid this off, and my last two checks were returned to me by the agency as overpayments, yet I cannot remove them from my credit report.
The FTC does not help.
I have sent proof to the credit bureaus of payments; however, they will not accept the proof unless it comes from collection agencies that filed the report. The agencies are extorting additional payments from Americans in order to remove bills that have already been paid.
American consumers need you to act quickly to offer them protection.
I would be taking one house off of the market now, and trading in my car, if the government took action to protect my credit rating. Multiply this by the many thousands of citizens in similar circumstances, and you could stimulate the economy with very little money spent.
SEAN
Comments
2 Responses to “Have you been hurt by inaccurate credit bureau info?”
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GARRETT
You’re surprised banks won’t loan you money after you’ve proven yourself to be a terrible risk?
You must now learn to live within your means. You blew your one shot.
JEREMY
Great letter except one thing. It is not the credit bureau fault. They only report what the creditors tell them to report. I agree with all the proof you have they should fix the problem, except you must remember with all the new Technology out there anything can be forged, so that is why they must get the info from the creditors. What really needs to happen is that the government really go after the creditors for reporting bad info. It is against the law for the creditors to report false information and you can bring a suit against the creditor and there are lawyers out there that will do this, and most will do it on contingent basis but you will have to find a lawyer that speciallizes on FDCPA law and thoses are hard to find.