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Credit Scores are hurting the ability to spend?
Ok, now a guy wanted to buy a house but two years ago he was fighting his insurance company over an $85.00 medical bill that the VA was going to pay. The collection company reports him to Equifax and now he is screwed for seven years.....This is an issue.
Why not have congress mandate that the big three credit reporting companies cut out reporting on collection accounts that were zero balances instead of keeping them on the books.
Why not have congress ask "what is the criteria" for the scores??? Big mystery.
People can't buy anything because the big three credit reporting companies have thousands of Americans over a barrel.
We need reform of the credit companies. Why hold someone hostage for a bill mistake made over two years ago? Fannie Mae will allow you to buy a house after two years of completing a short sale?
Just your thoughts.
4 Answers
- Anonymous1 decade agoFavorite Answer
A lot of people don't use credit.
They save for things like a car and then buy them outright.
Many years ago bad credit was rare since people only made loans for houses.
Now, people are making loans for laptops - insane.
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- bdancer222Lv 71 decade ago
Most people pay their bills on time and have decent credit reports.
A two year old small medical bill, now showing as paid, is still a negative and will stay for the balance of the 7 year reporting period. But that one item would hardly prevent you from qualifying for credit, especially if you have had a consistent, on time payment history for the past two years.
There is a credit crunch because people live beyond their means and stopped paying their debts. It isn't the credit bureaus; it's people's poor financial planning and management that earns them the bad credit.
- mguardian_northLv 71 decade ago
There was a time years ago when people didn't borrow money. They bought things with cash. The credit reporting agencies have no effect whatsoever on buying things with cash.
- StephenWeinsteinLv 71 decade ago
You are required to pay your medical bills on time, even if someone else is supposed to pay and does not. He should have paid the $85 and then been reimbursed by the VA.
