A Question About The Legality of Credit Bureaus

[TheIntelCritic]

I'm not sure if anyone can answer this but I've been wondering...

What law exists that gives the credit bureaus the right to report on you at all? If someone knows the statutes, please post them because I haven't been able to find it.

Think about it...no one on this board has ever agreed to be "reported on." If no law exists, then credit bureau reporting is essentially illegal and the credit bureaus can be challenged on a fundamental level.

[Jerry Pitts]

Originally Posted by TheIntelCritic

I'm not sure if anyone can answer this but I've been wondering...

What law exists that gives the credit bureaus the right to report on you at all? If someone knows the statutes, please post them because I haven't been able to find it.

Think about it...no one on this board has ever agreed to be "reported on." If no law exists, then credit bureau reporting is essentially illegal and the credit bureaus can be challenged on a fundamental level.

Actually, each and every 'citizen/subject' of the United States, has an obligation under the rules governing the MSB (money services business) to make SAR's (suspicious activity reports) along with other monthly reports. Some other types of reports are due upon particular types of transactions involving larger quantities of FRN's.

To be more specific, the MSB website www.msb.gov , will direct you to 31 CFR and a couple of other CFR citations that govern the operation of money services business. If you read their web page, you will find the information you are looking for in their glossary of terms.

Jerry

[TheIntelCritic]

Will do. Thanks, Jerrry.

[SimonTam]

15 U.S.C. Chapter 41, Subchapter 3
http://www.law.cornell.edu/uscode/ht...41_20_III.html

[protrust]

Actually, there is no law anywhere in the country that states that the bureaus have to report anything about anyone. The reality is that the creditors that you have contracted with pay subscriber fees to the bureaus to report the payment history of their clients to establish supposedly uniform points of reference. This is precisely why my company can have derogatory items removed easily. The laws only state that certain items cannot be on your reports "any longer than" a certain time period NOT that it has to be reported at all.

[TheIntelCritic]

Protrust:

You have my mind running at 100 miles per hour now...
So you're saying that there is no law that gives the credit reporting bureaus the right to report information on me? Oh my gosh...the implications are heavy here...

So...technically speaking (and correct me if I'm wrong) the credit bureaus are essentially violating my privacy and other laws by reporting credit information on me without my consent?

Can I boldy go where no man has ever gone before and sue the bureaus based on this rationale? Please advise.

[criminal.politics]

My father owns a auto dealership, as far as i can remember (its been a while, since i helped out there) but if you go to purchase a car etc,, you sign a waiver allowing the company to check on as well as report your credit to the agency. i don't see how that would be relevant of your statement about them reporting you illegally. You gave them permission? I think that would fall under the phrase "you have the right to contract as well as the right not to contract". if you contracted with them, then thats your doing.

I also believe if you came to me and asked to borrow money from me, do i not have the right to see if your going to pay me? if you don't borrow anything, nobody would check that info out anyway.
or am i missing something?

Best Regards

[phreeman2003]

That post made me recall every credit transaction I previously was part of requested my permission to do such a search.

However, since my re-education, I refer to the bureaus as the corporations' private gestapo.

[criminal.politics]

I do not disagree with you. But again if you think about it.. this concept goes back over 50,000 years ago when homo sapiens (man) started showing the first signs of civilized or modern behavior. During the yearly farming cycles and such things as trade or commerce (trade or commerce), basically the guy farming corn trades with the guy growing bananas, but those two items grow at different times of the year, how can i trust the banana farmer will pay up, when its time? No problem ! check with the tomato guy, the apple guy and the grape guy, we've been trading with them for 6 seasons now. i think its fair, not just because i have a high credit rating, but no matter what the circumstances, even if tomorrow i decided to grow apricots and trade them for tobacco. They other party could trust my good moral character to know i would work hard to pay it back. (I have never once ever paid a loan late! i would live without electric and phone if i had to. but never paid it late!)

[phreeman2003]

The financial system's full faith and credit relies on one's being endoctrined to honor one's alleged obligations. I, too, had prestine credit rating until criminal politicians kept turning well paid industries into third world equivalent service sector jobs and an untimely accident, which led me to discover the fraudulent nature of all alleged credit transactions, when I was researching a means to straighten out my financials. One has no moral obligation to perform, when the alleged transaction has been breached from the get go, by the other party.

Furthermore, you must know of the difficulties some have had removing inaccurate information from their credit history not to mention the ever growing number of mistaken reportings. It's sort of like that famous corporate mantra "so sue me" knowing full well the court system's policy of protecting the national bankruptcy. Additionally, the corporations may freely duck their obligations via the nature of their "legal" stucture, while ravaging loyal working people's pensions and life savings.

You mention your father's auto dealership, so you should know of what I speak. I think the general public's regard for that business' moral character follows closely behind that of the attorners. A perfect example being that with A+ credit a dealership shopped me a loan 2% points higher than what the bank would have charged me directly, by the credit manager telling me the dealership gets better rates because of their volume business.
But, I'll give you the benefit of doubt and not rush to judgment labeling your father's business' guilt by association.