'Obligation to Report'

Obligation to Report

Jimmy (152.163.35.89) -

In writing my response to the message about truecredit the idea of "obligation to report" came to mind.

There are many situations where a company receives a copy of your credit report (and by doing so negatively impacts your credit scores). Many of these companies never make a report back.

The result is data is skewed against you. I think it would be an interesting concept to REQUIRE everyone that accessed your credit report to report back:

1) They never transacted business with you (which should remove the impact of the inquiry)

2) Your transaction history (good or bad).

The credit card companies already do #2. What is landlords that checked your credit also reported that you paid your rent on time or (not)!

Wow! That would really help some people establish credit and it would be a good incentive for you to pay your rent on time too!

Comment #1 Kyndra from Somewhere Out There -

Some landlords do report it, but they just usually report when you miss a payment because that is all they care about in the credit world. I have paid rent on time for 5 + years, but it is to a family member so how would that work?

Comment #2 PokerPrincess (1) from Earth -

There should be safeguards set in place to require any negative report to be followed up on so that when the problem is cleared so is the bad credit report on you.

The laws can do just about anything they want and this is something there should be a law about. To ruin a persons credit or reputation without having to fix it when they do make it right again is a crime.

Therefore the laws need to be set in place for everyone's benefit.

Comment #3 peekaboo from from my desk! -

I agree. I had no idea that just having someone do a credit check on you would bring down your score. Some can do it without your consent, and you would have no idea unless you pull a copy of your report and see for yourself.

Comment #4 PATRICK from HOUSTON, TEXAS -

Anytime and I mean anytime that you apply for credit your score will go down. Also if you receive credit and start using it your credit rating will drop. You see if you are given a line of credit for $600.00 and you use $300.00 your score will drop. At this point your debt dependence goes up hence forth your payments go up. It takes you several months to recover from this and if you are late just one time it take 6 months to recover!!

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