     Christine Baker (Admin) | Saturday, January 27, 2001 - 12:58 pm 
With recent discussions about income and credit scoring, I decided to add a separate topic.
I would like to see a completely VOLUNTARY reporting system.
Unless I "opt in," nothing should be reported at all except for public records.
Obviously it would be difficult or impossible for me to get credit, but I think it's my right to privacy.
I'd like to see a database that DOES include income and assets as well as the liabilities.
I don't like to fill out applications. I'd like to be able to UPDATE my data myself, on the net.
Whoever maintains those records can then list the info as VERIFIED or UNVERIFIED.
Of course I want to SEE what's there without having to pay for it.
Who has access to those records?
ONLY the companies or individuals I authorize.
When I apply for credit I provide the "access code" to my account. It's like a PIN for the ATM, it's mine, it's secret and I can change it at anytime.
Of course one could also "opt in" to allow access for promotional offers.
I should be able to go to any lender's web site, and instead of filling out an application, I just provide my name, SS# and my access pin. Of course that info could also be provided via phone or snail mail.
Who pays for it?
The companies who access those records. I'm sure that many millions of people would "opt in" for promotional offers.
This system would save creditors the expense of getting the data from various sources themselves and they'd get accurate, meaningful and possibly VERIFIED data.
I might even be willing to pay a small fee for having employment and income verified.
This is not about to happen, as corporate does not WANT accurate data.
For the IMMEDIATE future we need legislation making it much easier for ordinary people to collect damages for incorrect credit reporting.
Corporations must be held responsible for their actions.
I'm suggesting a $25 minimum fine for any incorrect or incomplete reporting and a $300 minimum fine for the 1st failure to correct the reporting after a dispute.
Anyone should be able to collect these fees in Small Claims Court + court costs + $100 for the trouble of having to go to court.
Every credit report, credit application and credit decline should have to include a description of those rights.
I'd like to see corporations including that $25 check VOLUNTARY with the notification of the corrected reporting AND a copy of the corrected report in response to every dispute.
Borrowers routinely have to pay an extra $25 or $39 for their payment arriving a little late.
Equal rights is all I ask for. |
