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mfarmer

New bill to overhaul credit reporting system and remove debt after four years

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Won't pass. The credit lobbyists will block it.

Don't kid yourself. This feelgood bill isn't good for anybody.

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Maxine Waters is insane. This is not a political comment this is for entertainment , some of the things she has said in the past, i don't think her colleagues on either side of the aisle take her serious.

 

You're right. Very few on the Hill do take her serious. Her and that one from Atlanta area that got in trouble with the Secret Service - they were the ones who would drop bills in the queue for impeaching the President, Supreme Court justices, paying reparations, and so on. Nuttier than President Carter's farm.

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I doubt this will pass and if it does, it will be bad news.

 

Extremely bad news if it passes.

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She's up for reelection this year. This is smoke and mirrors. Political, but non-partisan because they all do it. They know it won't pass, but they can say they introduced the bill, and the average person does not track to see if it actually passed.

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??? There are a variety of measures the bill proposes. 4 year reporting is only one of the changes proposed.

It's not saying reporting will be reduced TO four years. It says it would be reduced BY four years.

ROTFL I think you just want to argue. Of 2 things I've posted you've found ways to complain / criticize both... with no substantive commentary *on the actual topic*.

I was just pointing out that the headline of the article wasn't reflective of the actual content in the article. Nothing to do with you. Sorry about your butthurt.

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I am much more interested in harsher penalties for credit reporting agencies who keep false information on reports.

I wish! I'm sure the lobbyists would block anything helping the consumers though. Otherwise, we'd never have to pay for our reports and scores, considering it's OUR info. It never ceases to annoy me that companies make money off of my data, plus I even have to pay to see it. It's a racket.

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I am much more interested in harsher penalties for credit reporting agencies who keep false information on reports.

I wish! I'm sure the lobbyists would block anything helping the consumers though. Otherwise, we'd never have to pay for our reports and scores, considering it's OUR info. It never ceases to annoy me that companies make money off of my data, plus I even have to pay to see it. It's a racket.

 

 

OTOH, at one time you weren't even allowed to see it.

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??? There are a variety of measures the bill proposes. 4 year reporting is only one of the changes proposed.

It's not saying reporting will be reduced TO four years. It says it would be reduced BY four years.

ROTFL I think you just want to argue. Of 2 things I've posted you've found ways to complain / criticize both... with no substantive commentary *on the actual topic*.

I was just pointing out that the headline of the article wasn't reflective of the actual content in the article. Nothing to do with you. Sorry about your butthurt.

 

 

So... do you have, like, any actual, like... intelligent opinion about the *topic*!? But yes, thank you for your other comments... Can't tell you how much it advances intelligent conversation. Really, I can't tell you.

 

​Breeze, I'll offer this: in general Congressmen and women do care about the bills they sponsor. I have no idea of Water's buy in (or strategic use) of consumer-advocacy legislation, but agree with what others have said: it won't pass.

 

Curious how many here are politically active? CB has highly intelligent (well... mostly), well-informed, experienced constituents. Write / Email your congressmen and women - they actually do read the letters. As has been said, politics drives the eventual results... but we all have *some* input.

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Partisan!? I am not advocating for any position, any political party and have said nothing for or against any politician.

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I am much more interested in harsher penalties for credit reporting agencies who keep false information on reports.

Agreed. The CRA's are largely the problem. The laws need to tighten up on them forcing actual investigations and also forcing creditors /ca's to actually investigate. .....

 

HL

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OK. Since I actually bothered to read parts of the bill, let me tell you a little of what it proposes:


Amending Section 605 of the FCRA to:

Shorten the time a bankruptcy filing remains on the credit report from 10 years to 7 years from the date of the entry of the order or the date of adjudication


Shorten the time a paid tax lien can be reported from 7 years from the date of payment to 4 years


Shorten the time a collection or charge-off can be reported from 7 years to 4 years


Shorten the time any other adverse information can be reported from 7 years to 4 years



Adding the following paragraphs to Section 605


‘‘(7) Civil suits and civil judgments (except as

provided in paragraph (8)) that, from date of entry,

antedate the report by more than 4 years or until

the governing statute of limitations has expired,

whichever is the longer period.

‘‘(8) A civil suit or civil judgment—

“(A) brought by a private education loan

holder that, from the date of successful comple-

tion of credit restoration or rehabilitation in ac-

cordance with the requirements of section 605D

or 605E, antedates the report by 45 calendar

days; or

‘‘( B) brought by a lender with respect to

a covered residential mortgage loan that ante-

dates the report by 45 calendar days.

‘‘(9) Records of convictions of crimes which

antedate the report by more than 7 years.

‘‘(10) Any other adverse item of information re-

lating to the collection of debt that did not arise

from a contract or an agreement to pay by a con-

sumer, including fines, tickets, and other assess-

ments, as determined by the Bureau, excluding tax

liability.’’;


Also, Section 605(a), would be amended to expedite the removal of a fully paid delinquent account, collection, charge-off or medical debt - removal must be made within forty-five calendar days from the date of payment or settlement.


There’s more of course, but this will help people make more informed comments.

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Partisan!? I am not advocating for any position, any political party and have said nothing for or against any politician.

I know, but your post is leading it that direction.

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We all know that shortening the reporting periods will only result in fickle lenders and consumer confusion. Don't we?

 

If this bill passed as is, lending would shrink drastically.

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OK. Since I actually bothered to read parts of the bill, let me tell you a little of what it proposes:
Amending Section 605 of the FCRA to:
Shorten the time a bankruptcy filing remains on the credit report from 10 years to 7 years from the date of the entry of the order or the date of adjudication
Shorten the time a paid tax lien can be reported from 7 years from the date of payment to 4 years
Shorten the time a collection or charge-off can be reported from 7 years to 4 years
Shorten the time any other adverse information can be reported from 7 years to 4 years
Adding the following paragraphs to Section 605
‘‘(7) Civil suits and civil judgments (except as
provided in paragraph (8)) that, from date of entry,
antedate the report by more than 4 years or until
the governing statute of limitations has expired,
whichever is the longer period.
‘‘(8) A civil suit or civil judgment—
“(A) brought by a private education loan
holder that, from the date of successful comple-
tion of credit restoration or rehabilitation in ac-
cordance with the requirements of section 605D
or 605E, antedates the report by 45 calendar
days; or
‘‘( B) brought by a lender with respect to
a covered residential mortgage loan that ante-
dates the report by 45 calendar days.
‘‘(9) Records of convictions of crimes which
antedate the report by more than 7 years.
‘‘(10) Any other adverse item of information re-
lating to the collection of debt that did not arise
from a contract or an agreement to pay by a con-
sumer, including fines, tickets, and other assess-
ments, as determined by the Bureau, excluding tax
liability.’’;
Also, Section 605(a), would be amended to expedite the removal of a fully paid delinquent account, collection, charge-off or medical debt - removal must be made within forty-five calendar days from the date of payment or settlement.
There’s more of course, but this will help people make more informed comments.

 

 

 

Yuck. Not only will that not pass, it shouldn't pass. Way to easy to game by people that intentionally don't pay with the result of increasing costs significantly. The laws could use improvement but this is so extreme as to do more harm than good. I agree with Breeze. It isn't intended to pass. How about some bills that might pass and really improve the crazy system.

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The medical is already in the works - NY AG and 31 State AG's came to s settlement with the CRA's

 

medical can't report untill it's over 180 days past due, and if insurance pays it after that , it's to be deleted.

 

ALOT of this bill is going to be implemented by that settlement agreement, except for the FCRA reporting limit

 

 

 

https://creditboards.com/forums/index.php?showtopic=541303

 

Participating in the settlement are the attorneys general from the states of Alabama, Alaska, Arizona, Arkansas, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Massachusetts, Michigan, Missouri, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Vermont, and Wisconsin.

Key provisions of the settlement – an Assurance of Voluntary Compliance – include:

Higher standards for data furnishers
The credit reporting agencies must maintain information about problem data furnishers and provide a list of those furnishers to the states upon request.
The credit reporting agencies and data furnishers must use a better, more detailed system to share data.
Limits to direct-to-consumer marketing:
The credit reporting agencies cannot market credit monitoring services to a consumer during a dispute phone call until the dispute portion of the call has ended.
The credit reporting agencies must tell consumers that purchasing a product is not a requirement for disputing information on their credits reports.
Added protections for consumers who dispute credit reporting information:
The credit reporting agencies must implement an escalated process for handling complicated disputes, such as those involving identity theft, fraud, or mixed files (in which one consumer’s information is mixed with another’s).
Each credit reporting agency must notify the other agencies if it finds a mixed file.
The credit reporting agencies must send a consumer’s supporting documents to the data furnisher. (The credit reporting agencies implemented this change after the attorneys general initiated their investigation and raised the concern that the pertinent complaint documents were not being sent to the furnishers.)
Consumers may obtain one additional free credit report in a 12-month period if they dispute information on their credit report and a change is made as a result of the dispute.
Limits to certain information that can be added to a consumer’s credit report:
The credit reporting agencies are generally prohibited from adding information about fines and tickets to credit reports.
The credit reporting agencies cannot place medical debt on a credit report until 180 days after the account is reported to the credit reporting agency, which gives consumers time to work out issues with their insurance companies.
The credit reporting agencies must require debt collectors to provide the original creditor’s name and information about the debt before the debt information can be added to a credit report.
Additional consumer education:
The credit reporting agencies must tell consumers how they can further dispute the outcome of an investigation into a dispute, such as by filing a complaint with other agencies.
Each credit reporting agency must provide a link to its online dispute website on the website www.annualcreditreport.com, and the credit reporting agency’s dispute website must be free of ads and any marketing offers.
The changes required under the settlement will be implemented in three phases to allow the credit reporting agencies to update their IT systems and procedures with data furnishers. All changes must be completed by three years and 90 days following the settlement’s effective date.

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The AG's settlement is a good example of changes that have minimal impact on the usefulness of credit reports while curtailing areas that can impair people's credit unfairly. Delaying medical collection reporting by 6 months to allow insurance to get straightened out and removing medical collections when paid are good, balanced changes.

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She's up for reelection this year. This is smoke and mirrors. Political, but non-partisan because they all do it. They know it won't pass, but they can say they introduced the bill, and the average person does not track to see if it actually passed.

Exactly. IF you want some humorous entertainment, go to www.house.gov just before the fall district working period - that's the time off between Labor Day and Election Day that Congresscritters go "home" to campaign - and the "lame duck" session between election day and the end of session (usually just before the winter holidays unless something is trying to sneak in a law). Read the list of bills that are proposed and sent to committee that never see the light of day, but the bills author can claim "I did this..." or in the case of a lame duck member defeated at the polls - whacky and outlandish bills that are the member's way of giving the middle finger to Congress on the way out. In a two year Congressional session, there's on average of 7000 bills proposed, I think only 1/5 actually make it to law.

 

It really is "I'm just a Bill, yes I'm only a Bill".

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It's selling themselves to the folks back home. All Congress peeps have "franking privilege" (free postage) but I think it's not as unlimited at it once was. All members of the House are up for election every two years. Senators are every 6.

Edited by cashnocredit

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It's selling themselves to the folks back home. All Congress peeps have "franking privilege" (free postage) but I think it's not as unlimited at it once was. All members of the House are up for election every two years. Senators are every 6.

Franking privilege must go through the "bipartisan" House mail review office within 180 days of election, and its prohibited within 90 days of the general election.

The most simple solution, pay your debt. Negative removed.

-1

 

Pay your debt, negatives remain.

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If you could pay your debts and the negatives would immediately be removed that might help the bottom line for many companies, but would also lead to less accurate credit scores.

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