FDIC Federal Register Citations

The most important issues surrounding the credit reporting agencies are the following, in my opinion:

1. That ALL credit-granting busineses be required report to the bureaus.  Businesses use the reporting agencies as a threat/weapon against comsumers because they know not all accounts that are in good standing are reported.

2. That ALL information is verified BEFORE it is placed on a credit report.  It just takes too long and is too involved to correct information once it's on the report.  If a person's creditworthiness is determined by a single keystroke, then the agency should have to verify before typing it.  On one bureau, I had 3 addresses that were wrong - I have never lived at them, and in fact, they didn't exist at all!

3. That each agency has the same information as the other two.  I received a higher credit score from one because they didn't have the same information the other agencies had.  One of them also had a VERY different birthdate for me than the others had. 

4.  Standardize credit score computation for all three bureaus.

5.  Provide a way for outdated information to be removed from the report.

6.  Stop the dependency on credit scores to begin with - these bureaus have entirely too much power and create way too many errors to be reliable at all!

Sincerely,

Rebecca Bollinger