|Received:||7/10/2006 9:11:48 AM|
|Subject:||Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies|
|Title:||Advance Notice of Proposed Rulemaking|
|CFR Citation:||16 CFR Parts 660 and 661|
Capitol One (& Equifax): We (my husband and I) are in the process of purchasing our first house. The bank ran our tri-merge credit reports. Everything looked ok except mine. Specifically a Capitol One account listed as opened in 2000, closed in 2001, and delinquent for the entire year of 2004. First off, I have never had a Capitol One account. Second, it is not rocket science to figure out that if an accunt was closed 2001 then it could not be delinquent three years later in 2004. Not to mention Capitol One failed to report this until last year...after I got my free report. I made a dispute with the credit agencies and got nowhere (not even an update) but I also called Capitol One. I faxed a statement of dispute. I was asked if I recognized the email account used to set it up...my first name at a yahoo address. Anyone...anyone could have set it up. I sent a copy of my college transcipts showing I was enrolled in classes about 500 miles away from where the card was being used and set-up along with my dispute. I also asked how they were able to even extend credit as I had my wallet stolen in 1998/1999 and have had a permanent fraud alert statement attached to all three reporting agencies asking to verify identity before extending credit. No answer, instead, they tell me I have to submit a letter from my college stating where I lived as the transcript showing my attendance some 500 miles away from where the account was set up and used was not enough. I was roommates with a friend a that time and nothing was in my name except for the lease document. Do you have a copy of your lease from six years ago? Me either. Capitol One at least “generously” offered to correct the delinquency report status, updating the account as closed/paid in 2001 and send me a copy. Ok fine. I will now have to track down the management company and lease document of an apartment I livedin mor than six years ago. In the meantime I have had the bank waiting to push through the closing on our house. This entire situation is effecting not only the interest rate on our home loan but the type of loan being offered. Not to mention what damage it may have done to other isues the past two years tha I am not even aware of. We went to visit family over 7/04/06. I just received this copy of the account closed letter. It does not note the dispute. It says “I” paid them in full in October of 2001 and they appreciated my payment. Then notes all three reporting agencies with contact numbers and notes it can take up to 90 days for the agencies to update the record and adjust my credit score. Capitol One’s screw up and it’s gonna take 90 days?! Not to mention none of the reporting agencies caught the date discrepancy and have used that account to erroneously tabulate my credit score. So I called the number listed from Equifax. I got an automated line that mentions an 800 number for disputes and support but fails to give the number. So I looked up the company via directory assistance...voila. Or so I thought. I proceeded to talk to three people who were obviously not understanding me due to a language barrier and kept repeating that they would start an investigation and that Capitol One had not reported an update yet. Though the account closed letter sent to me was dated Monday June 26th, 2006 and they are all online with one another. I don’t know how many times I asked the Equifax rep how could an account they showed as closed in 2001 be delinquent in 2004? I received no answer just promises to investigate. I know this is just a taste of what is about to become a six month or so battle. I called the bank today and just said go ahead at the higher rate and we will re-finance. But that means we are paying additional fees on the re-fi not to mention the higher rate, all due to Capitol One’s error and the reporting agencies falling in line without question. How can any consumer trust this market?