[stargazer0725]

Hey all, I know we complain a lot about the injustices of consumer credit and the teeth behind the bark of the FCRA.

However, I've decided to go beyond complaining and take a first step towards forcing reform. I've taken a good portion of the morning composing a correspondence regarding the lack of reporting of credit limits by creditors (can anyone say Cap One?) and have sent the following to my senators and congressman.

I realize that one voice in hundreds of millions is pretty puny, so I'm taking another step by posting this here for whomever is interested in making their voices heard also. I found my senators and congressman at www.senate.gov and www.house.gov, respectively and sent them the following letter:

I am writing this correspondence to bring to your attention a very important issue that I hope you will take action on. The issue is regarding the current inadequate consumer credit protections offered by the Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681 et seq – namely the lack of regulation for creditors to report credit limits on consumer credit reports.

Consumers have found themselves increasingly at the mercy of predatory credit card issuers, who are claiming that credit limits are "proprietary" information and are not required to be reported by the FCRA. The courts are mirroring the viewpoints of the creditors and are turning away complaints from consumers who are financially affected by the less than accurate reporting practices.

It is commonly known in the credit industry that a high percentage of a consumer’s credit score is based off of a consumer’s ratio of debt to available credit, otherwise known as credit utilization. When a consumer has $10,000 worth of revolving debt spread out over $40,000 worth of available credit, the consumer’s credit utilization reports at 25%. But imagine what would happen if just one of the creditors did not report a $20,000 credit limit that was available to the consumer, that consumer’s $10,000 worth of revolving debt would now be spread over $20,000 of available credit, increasing the consumer’s credit utilization to 50%, thereby negatively affecting a consumer’s credit score and scaring off other potential creditors.

And that is precisely why creditors are refusing to publish "proprietary" credit limits. By refusing to publish limits, creditors can indirectly control their customers by making it more difficult to obtain credit elsewhere, thereby eliminating competition for a consumer’s revolving credit business.

This is a financial trap that consumers can not avoid until it is too late: creditors do not warn consumers when applying for credit that their internal policies prevent the reporting of credit limits, nor do they alert consumers how their reporting policies may negatively affect a consumer’s credit score, and thereby subject them to higher interest rates and fees charged by the predatory creditor, as well as from other potential creditors.

I am hoping that you will do your part to help remedy this situation – namely amending the FCRA to require the COMPLETE and accurate credit reporting by all creditors, which includes the reporting of credit limits. Your actions will improve the financial outlook for millions of American consumers, putting their hard-earned money back in their pockets to be spent on American goods – and not exorbitant interest rates.

Thank you very much for your time and I am hoping you can assist your constituents with this extremely important matter.

Take it or leave it guys, but I felt compelled post this. If anyone feels equally compelled to send something similar, it would be greatly appreciated. Even better, email your friends too!

[drivel]

Dear Stargazer:

Thank you for your letter and bringing this enormous injustice of biblical proportions to my attention.

Please be assured that I will move this to the top of my to do list. People without adequate health coverage, who don't have performing schools to send their children to and do not have a reasonable minimimum wage have issues that pales in comparison to this travesty of justice.

I have a woman, Sally in my district who cannot afford food and has a small child that she cant afford to bring to the doctor. She is working poor and has written to me to help her and those similarly situated.

Imagine her delight when she receives my letter and learns that my number one priority is working to ensure that her credit score is the best it can be.

Thank you for your letter.

Sincerely: Your Local Congressman.

[Gib]

Originally Posted by drivel

I have a woman, Sally in my district who cannot afford food and has a small child that she cant afford to bring to the doctor. She is working poor and has written to me to help her and those similarly situated.

Imagine her delight when she receives my letter and learns that my number one priority is working to spend the 130 million in pork I've acquired for our state on the special interests who lined my campaign coffers.Thank you for your letter.

Sincerely: Your Local Congressman.

Fixed.

[stargazer0725]

And thank you so much for your timely response Senator Drivel.

I appreciate your prompt attention to this matter as the correction of the artificially decreased FICO scores resulting from incomplete reporting will enable Aunt Sally to pay lower interest rates and to keep more of her hard-earned money in her pocket in order to help pay for much needed medical care, in addition to purchasing fine meats and produce grown right here in the fine U.S. of A., which in turn will help better the economy, which in turn will help raise Aunt Sally’s minimum wage and let her keep even more money in her pocket, which in turn will enable Aunt Sally to obtain her secret dream of home ownership and contribute to the property tax base to improve the conditions at her local school!

Your Devoted Constituent,
Stargazer0725

[drivel]

Dear Stargazer:

We did not realize that the primary influence on our economy was the fact that Cap One doesn't report credit limits. We wish we didn't spend all our time focusing on employment number, energy and housing sectors.

In an unrelated matter, I've also been told by our national historian that Cap One was also responsible for the Kennedy assassination.

Sincerely Alan GreenSpan and Ben Bernake.

[stargazer0725]

Dear Messrs. Greenspan and Bernake:

Your implementation of the "SMALL CHANGE - BIG IMPACT" initiative has been instrumental in improving the GNP and increasing employment across the board.

It saddens my heart that this initiative couldn't have been put in place decades ago. Perhaps if CapOne had been reporting Mr. Oswald's credit limits correctly, he would have had money left over from his job at the book depository and wouldn't have had to take on a side-job as a professional hit man.

Que Sera Sera

Yours truly,
Stargazer0725

[hannah]

[drivel]

Dear congress person:

I am writing to you as there is a dire situation in this country.

When I go to McDonalds, they never put sesame seeds on my hamburger bun. Every time I go there, no seeds. I have explored many ways of rectifiying this situation. And no matter what, on a basic hamburger there are no seeds. It is not fair that every time I go in there and provide them with business, I dislike the product they provide.

I have contemplated not going to mcdonalds and availing myself of their hamburger buns, and exploring whether any of thieir competetors offer the aforementioned sesame seeds on their hamburger buns. However, I believe that it would be far more effective to sit at my computer and write you a long letter seeking legislative change as opposed to walking across the street to BK for some seeded hamburger buns. If you can get an amendement in this regard added to the constitution, or even better the ten commandments, I will be sure to give you my vote next november.

Sincerely, Drivel

PS. in an unrelated matter, I have this enormous headache everytime i bang my head against the wall. Tomorrow I am going to ask my doctor, how I can stop these headaches. Hopefully he will give me an easy answer like strapping a giant pillow to my head or hiring a demolition company to tear down the wall.

I'll let you know what happens.

Dr. e

[Hedwig]

Stargazer, your original post is a good idea. As you said, one voice may not make much difference, but if everyone writes maybe it will be a start.

The rest of the exchange between you and Senator Drivel is funny!

[Hedwig]

Dear Drivel,

I'm quite sure that McDonald's is aware of the fact that many people in this country are allergic to sesame seeds and therefore they leave them off of the hamburger. Perhaps if you increased your credit score, you could afford the quarter-pounder, which does have seeds on it. In the meantime, I'll see if I can do anything to help you, but the 20 letters before yours were all complaining about the fact that Burger King doesn't have sandwiches without sesame seeds. Perhaps I can arrange for you to get the BK burgers and the other 20 folks to get McD burgers.

Sincerely,
Your Local Congressperson

[drivel]

Originally Posted by Hedwig

Stargazer, your original post is a good idea. As you said, one voice may not make much difference, but if everyone writes maybe it will be a start.

The rest of the exchange between you and Senator Drivel is funny!

Yes, please do.

Sincerely, the US Postal service and the Paper industry.

[Hedwig]

It helps the GDP.

[stargazer0725]

Dear Dr. E:

First off, may I offer greetings and felicitations from from the great state of [FILL IN YOUR STATE HERE].

I regret to inform you that there is a national sesame seed crisis that will continue indefinitely. Please be advised that the sesame seed growers in Texas and Arizona appear to be overextended on their debt-to-available-credit ratio and were unable to obtain the much needed business loan to replenish their seed stock this year.

I would advise you to lay off the burgers in the future so as to avoid the need to exercise by pounding your head against a wall.

Sincerely,
Your ever-helpful congresswoman

[centex]

Originally Posted by drivel

Yes, please do.

Sincerely, the US Postal service and the Paper industry.

Senator,

As much as we appreciate your concern over our lack of paper targets for which to practice with, we have also been requested to allow your office to become aware of the situation by which an overabundance of paper being transferred may result in other items becoming targets.

In the interests of keeping our staff from, themselves, becoming targets by an overworked and overstressed employee, we would urge you to refrain from any recommendations of increased mail traffic.

We understand that our request will not assist you in reducing the unemployment rolls, but we also believe that our request will help us maintain full employment without the need of outside replacement personnel.

Your cooperation in this matter may assist us in lengthening the period of time before the next postage increase.

Sincerely,


Postal Range Master

[stargazer0725]

Dear Special Agent in Charge:

I am writing to you to inform you that the services of the FBI will no longer be required. I find myself suffering from the Stockholm Syndrome and have given my life over to my captors, CapOne, headed by the good Doc E. Even though CapOne highjacked my credit report and took my financial future hostage, I have found myself hypnotized by their words (who can resist those commercials!).

From now on I will join Doc E and devote my life to providing “invisible credit” to every man, woman and child around the world.

An indoctrinated devotee,
Stargazer0725