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The
Need |
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Urgent need for an immediate change/reform in the credit reporting system
to stop the massive amount of bankruptcies that are in progress or are on
the verge of happening due to the current economic crisis. |
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The Problem |
1.) Due to loss of jobs, loss of income, illnesses, etc.,
Americans are faced with late payments, collections, foreclosures,
short-sales, liens, & judgments that are directly affecting their credit
report for 7 to 10 years.
2.) With a consumer and/or business credit reports being drastically affected, the
consumer/business is faced with few options:
a.) Fight the "good fight" and weather
the storm by working with each creditor to pay as much as you can thus
finally getting caught up. RESULT: A
tremendous amount of stress dealing with collectors & the derogatory
credit will remain on your credit report for 7 to 10 years thus having a
low credit score.
b.) File Bankruptcy.
RESULT: Stress stops immediately.
Creditor phone calls stop immediately. On credit report for 7 to
10 years. BAD CHOICE for creditors & the consumer and/or
business, however, in many
cases the only choice left.
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The
"Simple" Solution |
Initiate Immediate change to the "Consumer Credit
Reporting" as follows:
1.) All derogatory credit shall be taken off the credit report after
consumer and/or business has kept each particular account current for a period of 24
consistent months.
RESULT: Encourages the consumer and/or
business to continue to
fight the "Good Fight" and continue to pay their bills knowing that "once
paid" the derogatory credit will fall off their credit report after 24
months of consistent "on-time" payments. What an incentive!!!
2.) If an account is "PAID OFF" - any derogatory credit shall
be taken off the credit report after 24 months from date of pay-off.
RESULT: Encourages consumers and/or businesses to work with
friends, relatives, etc., to come up with enough money to pay off their
collections, judgments, liens, or problem debts knowing that the
consumer and/or business will have a clean credit report after 24 months from payoff date.
What an incentive!!!
3.) Regarding Bankruptcy: If a consumer and/or business has gone bankrupt or
in the process of bankruptcy -- the consumer and/or business shall have the right to
reopen the bankruptcy file and pay off the bankruptcy in full. Once
paid off, the derogatory credit shall be removed from the credit report
file within 1 year from date of settlement/payoff.
RESULT: Consumer and/or business will have the
opportunity to go back and pay off their bankruptcy that has been
discharged within the last five years. Once the consumer
and/or business pays
off all creditors then the bankruptcy will be eliminated from their
credit file one year from full payoff date. What an incentive
for the consumer and/or business plus allows creditors to receive payment.
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How
Can You Help |
1.) Call, write, or
email your Congressman and/or Congresswoman and ask them to view
this website.
2.) Forward this website to all your friends and associates
who may be connected to those who are able to initiate the change.
3.) If you know of someone in the media,
please pass this on to them as well.
4.) Please send me an email at
curtis@creditreportingchange.org or call me to let me know your
thoughts (pros & cons) on this proposal. I welcome your
support in any way you can help get this in front of Congress for
immediate action.
Thank you
Steve Curtis
curtis@creditreportingchange.org |
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It's a SIMPLE solution - but Congress seems to ignore this area of
need. The best part - it won't cost any money. |
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