Credit bureaus are responsible for 95% of identity theft and inaccurate consumer credit files. It's because their revenue comes from businesses who pay for access to their databases including phony ones. I have a letter from a credit bureau that says the only thing they do to investigate/verify accuracy is ask the entity that initially reported the information if it's true. New rules have to put tighter restrictions and procedures on credit bureaus because they are the root of the actual problem. Secondly, because they are private companies who should not be able to collect or retain any financial information without consumers permission. Submission of proof of debt or other evidence/documents should be required. Retention of the identity of the actual [business] persons reporting the account information should be required. Credit bureaus and debt collectors should not be allowed to sell lists of accounts especially after the accounts are disputed. One creditor, one debt collector. All debt collectors should be required to register on a national database, including phone numbers, that's publicly available online which they must update within 5 business days regarding any changes. All lawyers should not be banned from becoming debt collectors. Here is a a group of people that are trained, licensed in their State, but they lie to circumvent the law and the courts. At the heart of the mortgage fiasco were unethical lawyers who acted strictly for greed. None of them were prosecuted or disbarred because they hid themselves as representing lenders.
Correction to my first comment. I meant to say, "all lawyers should be banned from being debt collectors." They are unethical and work strictly out of greed to circumvent the laws that are supposed to protect consumers. Verification of debts should require the creditor to provide written proof of the initial debt instrument with the consumers' signature. There should be a notarized statement of authenticity along with it. This gives a consumer the documents to file a civil suit for fraud, if needed.
New rules should allow consumers to resolve, discuss, or negotiate the matter strictly with the creditor. In other words, consumers should be told that they can refuse to speak to debt collectors about their account(s).
beforejava
1
Credit bureaus are responsible for 95% of identity theft and inaccurate consumer credit files. It's because their revenue comes from businesses who pay for access to their databases including phony ones. I have a letter from a credit bureau that says the only thing they do to investigate/verify accuracy is ask the entity that initially reported the information if it's true. New rules have to put tighter restrictions and procedures on credit bureaus because they are the root of the actual problem. Secondly, because they are private companies who should not be able to collect or retain any financial information without consumers permission. Submission of proof of debt or other evidence/documents should be required. Retention of the identity of the actual [business] persons reporting the account information should be required. Credit bureaus and debt collectors should not be allowed to sell lists of accounts especially after the accounts are disputed. One creditor, one debt collector. All debt collectors should be required to register on a national database, including phone numbers, that's publicly available online which they must update within 5 business days regarding any changes. All lawyers should not be banned from becoming debt collectors. Here is a a group of people that are trained, licensed in their State, but they lie to circumvent the law and the courts. At the heart of the mortgage fiasco were unethical lawyers who acted strictly for greed. None of them were prosecuted or disbarred because they hid themselves as representing lenders.
View this comment in the discussion thread
beforejava
2
Correction to my first comment. I meant to say, "all lawyers should be banned from being debt collectors." They are unethical and work strictly out of greed to circumvent the laws that are supposed to protect consumers. Verification of debts should require the creditor to provide written proof of the initial debt instrument with the consumers' signature. There should be a notarized statement of authenticity along with it. This gives a consumer the documents to file a civil suit for fraud, if needed.
View this comment in the discussion thread
beforejava
3
New rules should allow consumers to resolve, discuss, or negotiate the matter strictly with the creditor. In other words, consumers should be told that they can refuse to speak to debt collectors about their account(s).
View this comment in the discussion thread