Quote:
Originally Posted by PDXBLAZERFAN
even though i'm a novice.... here goes my thinking.....
1) Credit reporting basically assignes a citizen consumer second-class financial status.
2) In our culture money equals free speech; freedom.
3) The initial communication is vital to a consumer.
4) With the power to assign a 7-year sentence of second-class status; a "check"/procedure to balance this power is necessary.
5) The proposed requirement is minimal due process considering the ramifications of an error.
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Your premise overlooks the fact that a significant majority of people will never default on their debt, and even those with an occasional late payment are not so late as to have an adverse reporting that occurs. The legislation that you seek would only impact a small segment of the population, hence it is not a priority for those in office (ie. those responding to the large sums of money).
Credit reporting is not something that impacts only those in debt via default...some of us MAKE money by having good credit that is reported.
AGain, it comes back to an issue of beware the laws of unintended consequences...not that it would hurt my feelings to see more OC's move to litigate while defaults were still fresh.