As a consumer who has had Identity Fraud, Telecommunications Debt Error, Mortgage Reporting Errors, I know a lot about this subject, the time it takes to remove and lies the corporations tell to credit bureaus. Simply allowing the credit bureaus to accept "name, social security and address" as the only "verification and validation" is incorrect. With Identity Fraud, it is easy to have anyone's personal information. If a mortgage company is reporting a "foreclosure" and cannot produce the Lawsuit, Case Number, and Sale of the property, they should not be allowed to report a foreclosure. A foreclosure is a legal process which begins with a lawsuit and ends with the sale of property or a voluntary dismissal. If a voluntary dismissal is signed by a Judge, the foreclosure should not be listed. Also, Loan Modification reporting should not include refinancing of loans which are only for the purposes of reducing an interest rate.
Credit Bureaus should be forced to have the actual documents in their possession before they can report ANY information. Otherwise, they too should be responsible for misinformation and lies. This should be a monetary compensation of more than $10,000 per incident.
JCSimpson
1
As a consumer who has had Identity Fraud, Telecommunications Debt Error, Mortgage Reporting Errors, I know a lot about this subject, the time it takes to remove and lies the corporations tell to credit bureaus. Simply allowing the credit bureaus to accept "name, social security and address" as the only "verification and validation" is incorrect. With Identity Fraud, it is easy to have anyone's personal information. If a mortgage company is reporting a "foreclosure" and cannot produce the Lawsuit, Case Number, and Sale of the property, they should not be allowed to report a foreclosure. A foreclosure is a legal process which begins with a lawsuit and ends with the sale of property or a voluntary dismissal. If a voluntary dismissal is signed by a Judge, the foreclosure should not be listed. Also, Loan Modification reporting should not include refinancing of loans which are only for the purposes of reducing an interest rate. Credit Bureaus should be forced to have the actual documents in their possession before they can report ANY information. Otherwise, they too should be responsible for misinformation and lies. This should be a monetary compensation of more than $10,000 per incident.
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