Comments:

I suggest requiring that all lenders who report information to the credit bureaus must report a standard set of data instead of allowing them to choose what data to report, as they currently can choose to only report negative information while witholding positive information. Specifically, they must report all on-time payments, the outstanding balance during each cycle, and the total credit line available (for revolving and charge accounts).

Special attention needs to be paid to revolving accounts with no preset spending limit. Currently, the lenders report a total credit line of $0, but this behavior hurts consumers' credit scores. Although the lenders claim the accounts have no preset limit, they actually do have a preset maximum on the amount that can revolve each cycle, and any balance exceeding this limit needs to be paid in full at the end of the cycle. Forcing lenders to report this "soft limit" as the credit line for these accounts would be a fair and equitable arrangement for all.