Credit Card Blog & Article Area
Blog Post Date: Oct 18, 2005
New Orleans - 1 million people bankrupt or bad credit!!??
As I've mentioned in the blog, this is a mechanically credit society. The creditors and credit bureaus seem to have no mercy for people and their credit.
The reports are that there are one million displaced people in New Orleans and Mississippi, etc who are homeless.
These million people have:
? Mortgages
? Lines of Credit
? Credit Cards
? other types of credit.
1 MILLION PEOPLE WITH BAD CREDIT OR BANKRUPT?
If these unfortunate people are displaced from their homes and jobs, they are going to default on ALL of their credit payments for the next several months. Many are going to be forced into bankruptcy.
How are the creditors going to deal with this? How are the credit bureaus going to treat these people?
All credit items and lack of payments are recorded 'mechanically' by the creditors to the credit bureaus Equifax, TransUnion and Experian.
MECHANICALLY REPORTED DEFINED:
At each reporting date, a creditor will send an electronic computer data file of all of their customers accounts and payment histories to the major credit reporting agencies. This information is all generated programatically.
This is going to be a credit repair night mare. These innocent people who would normally make their payments in a timely fashion are going to be penalized because of this Hurricane Katrina catastrophe.
I would be interested to hear from the credit companies and the credit bureaus how they intend to show some reasonability with these hurricane victims!!??
REQUESTING HELP FROM BLOGGERS: I am asking other bloggers to talk about this matter on your blogs. I think this is going to cause a huge amount of problems for the victims, along with the other horrendous things they're already suffering.
The major Credit Bureau websites are as follows:
Equifax: www.equifax.com
TransUnion: www.transunion.com
Experian: www.experian.com
See our press release
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