Trado will make credit reports, FICO scores and collections obsolete.

Unfortunately, many people are being harassed by collectors, face foreclosure or struggle to keep up with their credit card debt. So I decided to start a new forum with credit scams to avoid, how to deal with collection calls, foreclosure, etc. 

Trado members will get their "Trado Account Report" for references.

I'm not sure yet how exactly to treat the initial T500 credit line every verified member receives in addition to the T100 verification bonus. The credit line is like an overdraft credit line and should be paid in full within 30 days, similar to AmEx accounts. If a member can't pay off the balance in full, it should automatically convert to a revolving loan with a small late fee (T5?) if no payments are made.

There will be no garbage fees.

• NO over limit fees
• NO NSF (overdraft) fees
• NO interest

If most members feel that interest SHOULD be charged, we can possibly implement that. But I think it's a bit petty on such a small loan and why charge interest?

The "Trado Account Report" will be available online so that members can check to make sure it's accurate.

The members can simply send an email from the banking site. Real people will conduct real investigations quickly.

Trado accounts will never be assigned to collectors.

If someone stops making payments and no arrangements are made, an account with a negative balance will be charged off after 6 months. The member will lose all Trado benefits, including the periodic Trado credits and the positive Trado Account Report.

Should periodic credits continue to be deposited in delinquent accounts? That would probably bring the accounts current. At least initially I'd like to see a T100 credit every month.

Trado will work with delinquent members.

We see no reason to torture people and make them feel bad when they had an emergency, illness, job loss, divorce, etc. Members can request a "forbearance" similar to student loans. They may even be able to get a Trado grant or loan. Maybe there's some other way we can assist.

We believe in helping people with problems rather than destroying them.

Unlike FICO scores, Trado will appreciate members paying charged off accounts.

FICO scores won't give you a single point for paying a delinquent account reported by a collector and few collectors will delete from the credit reports for payment. Life happens and Trado charge-offs just have to be paid off to open a new account. There should be a small administrative fee for the account reinstatement.

Trado loan requirements

Unlike banks, Trado will not base its decisions on credit reports or bizarre FICO scores. The primary criteria:

• Purpose of the loan
  
  Should we finance a new chapter of the KKK?
• Character
  
  The member's character can only be established through participation here. Members who regularly contribute (possibly for payment) have a better chance of loan approval than someone who doesn't contribute. There is the possibility of accepting references from other members.
• Trado account history
  
  A member who regularly uses Trados has a better chance of approval than someone who is inactive. And of course a longer account history is helpful.
• Ability to repay (maybe a grant would be more appropriate)
  
  It's important to make sure that there's a good chance of repayment. Unfortunately, regulators don't want banks to make loans to people without income. We have no problem making a loan to someone who expects to get funds in the future. Many people have to wait for insurance settlements, to sell their house, the first payment from a new job, etc. It's called common sense lending.

There is so much to say about character.

We especially want to support people who work to make a difference. We'll offer grants for projects that help humans and animals alike. Whether members establish a community garden, animal rescue, assistance for seniors, recycling center ... the possibilities are endless and just about everybody should be doing SOMETHING to make the planet a better place for all.

WE create the Trados, WE are in charge.

Many administrative decisions will be made by the directors (elected by the members) and by the advisory board, but we will be a truly democratic organization with members voting on many issues. It won't happen overnight, but there's no better day than today to get started.

You have to register here to be able to post and here you can apply for your TradoBank account. TradoBank accounts should be activated within 24 hours and you'll receive an email with your account information.