Word: loaned
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Dates: during 1990-1999
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Neither his inexperience nor his admission of having used marijuana and cocaine in the early 1970s seemed as pressing as the need simply to find someone to oversee the troubled savings and loan industry. And so, after berating Timothy Ryan, 44, for his utter unpreparedness for the job, the Senate last week approved his appointment to head the Office of Thrift Supervision by a generous 62-37 vote...
...wonder nobody speaks up. They're afraid of going to jail. They're afraid of going more broke. And the Government's doing a fantastic job of making an example out of me for everybody else to shut up. These other owners would rather give away their savings and loans than lose their respectability, end up like I am, hounded, harassed, broke. I'm being slammed and ridiculed and called a thief and a bum and a liar. They even tied me into Noriega for forming a Panamanian company to do business in England. Nothing wrong with any part...
While most of the errors are trivial or benign, others can wreak havoc. For the most part, people remain blissfully unaware of the problems until, like $ me, they are mysteriously stripped of a credit card or rejected for a loan. Says M.E. Buckner, president of Informative Research, a mortgage-credit- reporting company in Anaheim, Calif.: "There are mistakes in the system, and we have mechanisms to correct them, but you correct the system only when a consumer complains...
Mistaken identity is not the only brand of credit nightmare. Other glitches include out-of-date information, as when loan payments have been made but not yet recorded, and erroneous or inaccurate information supplied by creditors or consumers. Student-loan providers are notorious for incorrectly reporting that people have missed payments...
...their part, the major credit agencies contend that Williams overstates the importance of minor inaccuracies in consumer records. The agencies maintain that somewhat out-of-date or incomplete information does not necessarily hurt a consumer's chances of getting a loan. "A credit report is just a snapshot," says Barry Connelly, senior vice president of Associated Credit Bureaus, an industry group. "What consumers fail to understand is that credit is based on history, not on how you are this moment, this...