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some misconceptions
Posted by hr [Email] (more from hr) on Sun, 29 Jul 2001 11:07:44
In Reply to: Discover Financial Services giving me a hard time., Scott Paterson [Profile/Gallery]
, Sat, 28 Jul 2001 16:01:15
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Scott,
First of all, never continue to correct a credit problem over the phone. Do it in writing via the US mail.
About the $183 bad mark. If your credit is otherwise unblemished, it should not be an issue to a lender. Most lenders these days use a calculated score based on level of debt, ability to pay, and payment history. One bad mark won't do you in. It might however raise your rate a bit. There is big money in lending to people who shouldn't borrow money. The lenders figure if they charge a high enough rate, it will pay for the collections. Be glad you are not in a position to require a "paycheck loan" from one of those che4ck cashing places. On a 2 week loan of $200, you can wind up paying $50 in fees and interest. No that isn't loan sharking, it's paying for a service....go figure.
I agree it sucks and they should correct it. However, your chances of proving real damages would be difficult. One of the things that happens is disk drives crash. Records are restored and sometimes that happens without the correction getting re-entered. That is rare, but it does happen.
The other thing most people don't realize is the extent to which data is gathered. Basically there is a HUGE industry that does nothing but sell data. If a old piece of info appears valid, it may be added back. Even worse is the MIB or Medical Information Bureau. Let's just leave it at the system to correct that one is lacking.
I wish you luck, but I had a Sears screwup follow me for years. Finally it dropped off the history. Basically I just kept a record of the correspondence and any time it came up I gave a copy to the lender.
hr
Posts in this Thread:
- Discover Financial Services giving me a hard time., Scott Paterson , Sat, 28 Jul 2001 16:01:15
- The US has the most Fç/*(")"==" CC system in have seen, Coolknight, Tue, 31 Jul 2001 09:37:57
- Re: Discover Financial Services giving me a hard time., JB, Mon, 30 Jul 2001 14:05:01
- Steps, Ari , Mon, 30 Jul 2001 09:18:57
- Show them CS matters and drop them!, mpy, Sun, 29 Jul 2001 22:44:24
- some misconceptions, hr, Sun, 29 Jul 2001 11:07:44 <-- Viewing This Message
- Re: Discover Financial Services giving me a hard time., David Hanley, Sun, 29 Jul 2001 02:32:10
- Re: Discover Financial Services giving me a hard time., NewSaab, Sun, 29 Jul 2001 00:37:27
- Re: Discover Financial Services giving me a hard time., Bullseye, Sat, 28 Jul 2001 22:07:23
- If it's a plot, its widespread, Nevin, Sat, 28 Jul 2001 22:01:37
- Keep in mind, they get about 2% from the vendor., James B. Moncrief, Sat, 28 Jul 2001 17:06:27
- Ever since I got a Discover Platinum card, bryan , Sat, 28 Jul 2001 16:29:18
- Re: Discover Financial Services giving me a hard time., Quinn S. Kurz, Sat, 28 Jul 2001 16:13:35
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