The FCRA and FDCPA are supposed to protect consumers, but they don't. The credit bureaus willfully and knowingfully violate both, blatantly. Consumers are supposed to be afforded the protection of being able to challenge inaccurate or ommitted information and have the agencies conduct an investigation to validate the claim. However, the agencies have the audacity to claim the inaccuracy valid, knowing there is NO way it is valid. In many cases, their own report as a stand alone piece of evidence would make the entire case, open and shut. For instance,if you have an active account that has regular monthly payments (and has for years), yet the credit limit is reporting as $0 (it affects your score dramatically), common sense would tell you that you MUST have at least "some" credit.
Second to that, the scoring system is completely unfair. I have near perfect credit, yet my score is in the low 500's (and has dipped into the 400's). According to the scoring criteria, I have an 85% chance of defaulting on a loan. HA! The other day, I paid a student loan (regular monthly payment)and my score dropped 10 points because of "activity on a dormant account". However, the previous activity reported 8/1/05 and the new activity reported 9/1/05. Hmmmm, so I'm not supposed to "pay" my student loan? Or as mentioned above, if my credit limits are set to $0 for all of my accounts, the score is attempting to calculate my debt/income ratio (based on credit available to me)... I have none, so I have far exceeded my means because I have a mortgage in the mid $300's. My "real" debt income/ratio is 12%. Yet, when trying to refinance, the banks ONLY look at the score. Sooo my interst rate is substantially higher than the norm. Where is the justice?
One last thing. I have $0 past due in the last 81 months(even as reported by the idiots), and 0 accounts with a negative history (as reported by them). Tell me where the scoring system factors that in? Yet, if you provide me a loan, chances are I will default? I failed to mention, there are 25 open accounts being reported that I manage to pay every month (and countless that do not get reported).
Blythewood, South Carolina