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    6 Replies Latest reply on Dec 16, 2007 7:25 PM by CorpCons08

    Credit reports

    DomainDiva Ranger
      Hi Everyone....

      I have just spent literally HOURS online with the three credit bureaus disputing of all things...closed accounts. Old accounts that showed closed or closed at consumer requests have popped up again as 'active'.

      What is odd, is that there seems to be a new way of reporting.....even an account from an old department store showed up as a new account from the chain that bought them!!!

      Does anyone have the skinny on the 'new' way credit bureaus are reporting info? if there is such a thing? New algorithim maybe?
        • Re: Credit reports
          CorpCons08 Ranger
          There is no definition to the madness that is the three consumer credit bureaus.
          It is so messed up it is not even funny. Good luck disputing closed accounts, I'm still waiting for them to disappear.

          On a positive note, three of us from the SBOC here are planning to create a business credit bureau.
          This shall be an interesting experience. :)

            • Re: Credit reports
              DomainDiva Ranger
              I have had fairly good firtune with the online dispute process... I just cannot figure out HOW the old removed and closed info is showing up AGAIN???

              BTW in your new credit bureau please make it sensible. There are 4 mysteries in the universe:
              airline fare tariif rates
              utility rates
              credit scores

                • Re: Credit reports
                  CorpCons08 Ranger
                  DomainDiva, the reason the information may show up again is there is a time frame that it must remain on credit reports. If you look at the actual item, you will see that it was disputed by the consumer and the response from the crediter or credit bureau. It should also show an expiration date as to when the item will be removed from your credit report.

                  As far as the new business credit bureau, we have many ideas that we are working with. Basically, we do not feel a credit bureau should charge to help you build, establish, and re-establish your credit. Disputes are something to be taken seriously in todays world. There is a lot of identity theft going on and items should not be just passed off as "ok." It needs to be logical to that of the business/consumer. We are working on basing it a lot like the business credit bureau in Canada. We are working on the pre-development informational stages, such as gov't regulations, financial institution reporting, fair credit reporting acts, etc. I do not know if we will actually get this off the ground, but it is an idea that may awaken a lot of sleeping giants out there.

              • Re: Credit reports
                LUCKIEST Guide
                Yes, I also have spent many hours on the phone with the credit card companies (not the credit bureaus)
                closing out old credit cards. My wife and I have eliminated many credits cards that mysteriously been
                opened and not used. The reps at the credit card companies sound like we are committing a crime
                "You want to close out this credit card with such a large line of credit" YES WE DO. Thanks.
                When new cards come in the mail,before we shred them, we call and cancel first.
                Interesting how life changes, LUCKIEST