Limiting how long adverse activity remain on our Credit Report

Limiting how long adverse activity remain on our Credit Report

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J B started this petition to Representative Cori Bush

For years, consumers have been struggling to rebuild their credit but it's very difficult to accomplish when adverse activity from years past continue to be reported by the credit bureau agencies seven years after the fact.

What's not taken into consideration is the unforeseen circumstance that consumers face such as ongoing financial struggle they may encounter.

The people most affected by this problem are from working class/lower economic backgrounds who are not provided with the proper educational tools needed to understand what constitutes adverse credit and how to avoid those pitfalls that will hinder them in the future. 

As a result, consumers such as myself are penalized over a seven year period, even when we establish good standing with our creditors. It becomes a frustrating process because we're not able to establish true credit worthiness because of adverse activity that continues to remain on our credit report well after reaching resolution.

This restriction leads consumers to seek other measures to solve financial struggle such as taking out pay day loans which often lead to more despair.

A seven year cycle of reporting adverse activity by the credit reporting bureaus is not only damaging to the consumer, but to the overall economy at large.

I believe in fairness, and if adverse action has taken place, it should be reported as such by the major credit bureaus.

But we should have the right to move forward once the effort has been shown to become better consumers with a period of good payment history that follows.

I advocate changing the policy for how long adverse action remains on your credit report from Seven Years to Five Years.

I believe early adult life evolves in five year increments, and with most young adults starting off in college, they are going to make mistakes early on in regards how they manage credit.

Why penalize them seven years knowing the majority of them won't gain full understanding managing credit properly until after they fulfill their college experience.

In seeking fairness, limiting how long adverse activity can remain on one's credit report from seven years to five years serves as a reasonable proposal.

I ask you to support this petition.

Thank you

 

0 have signed. Let’s get to 2,500!
At 2,500 signatures, this petition is more likely to get picked up by local news!