• Petitioning Sen. Elizabeth Warren

This petition will be delivered to:

Massachusetts
Sen. Elizabeth Warren
South Dakota
Sen. Tim Johnson
Virginia
Sen. Mark Warner

Mandate the credit bureaus to include debit card holders information on credit reports

    1. Suze Orman
    2. Petition by

      Suze Orman

      New York, NY

As you may know, the three major credit bureaus track all our credit card transactions, as well as your loan repayment history. The data the bureaus compile in credit reports is what is used to generate a credit score.

Debit card users are at a serious disadvantage to building financial security because of senseless policy. I am determined to make sure that changes---and am asking you to join me in ensuring that debit card users obtain reporting parity.

And I sure hope you know how vital a solid credit score is in today’s world. It determines if you’ll be able to get a car loan or mortgage—and the terms you’ll be offered. For renters, you better understand many landlords check your credit score when they are vetting whether you’re a good “risk” to rent to. Your credit score also determines whether you’ll need to make a deposit to open a cell phone account.

Yet if you prefer to use a debit card none of your transactions are tracked by the credit bureaus. If you’ve gone cold turkey on credit cards and exclusively use a debit card you may not have a credit report, or it may be very “thin” in industry lingo. That likely means your credit score will suffer. It makes no sense. You could be the most loan-worthy person in the world, but simply because you chose to use a debit card rather than a credit card, you run a high risk that your credit score will be negatively impacted.

THE FIRST STEP is to get debit card transactions reported. And then it is imperative that the credit bureaus as well as Fair Isaac Corporation (the creator of the Fico Credit Score) work to determine how best to incorporate debit card data into their scoring algorithms.

These actions would benefit every one of you who always pay your bills on time via a debit card and you would be rewarded for paying in cash via a debit card rather than being punished for doing so.

Could you please help me help you by signing this petition and asking everyone you know to sign it as well?

Thank You!

Suze Orman

Host of the Suze Orman Show on CNBC 

To:
Sen. Elizabeth Warren, Massachusetts
Sen. Tim Johnson, South Dakota
Sen. Mark Warner, Virginia
Mandate the credit bureaus to include debit card holders' information on credit reports in order to generate the user a credit score.

Sincerely,
[Your name]

Recent signatures

    News

    1. Reached 200,000 signatures

    Supporters

    Reasons for signing

    • Sabina Rogers WASHINGTON, DC
      • 2 days ago

      Because this is the way it should be. I can't say it any better than these other commenters--it's a question of having a rational and fair system.

      REPORT THIS COMMENT:
    • Michael Gindhart LACEY, WA
      • 4 days ago

      Im a debit card only person an have zero credit. I pay more for alot of things because of that. Fico; quit defrauding the public with your modern day protection racket and play fair

      REPORT THIS COMMENT:
    • Natalie Bacon BRUNSWICK, OH
      • 6 days ago

      Because I'm committed to being debt free, and this commitment is honorable. It makes no sense that it is punished by the way the current FICO score is calculated. Furthermore, by only measuring debt, the current calculation encourages people to get into debt in order to have a good FICO score. It makes no sense when the FICO score is supposed to reflect the financial health of an individual.

      REPORT THIS COMMENT:
    • Sherry Singletary FRANKLIN, TN
      • 6 days ago

      Please help me and help others so the system rewards financial accountability....rather than irresponsible debt...

      REPORT THIS COMMENT:
    • Paul Janney POCATELLO, ID
      • 7 days ago

      Its not Im poor either way, I cant even pay my taxes

      REPORT THIS COMMENT:

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