< item type="application/x-shockwave-flash" style="width:425 px; elevation:355 px;" data ="// www.youtube.com/v/umIx10LhI_g?color2=FBE9EC&version=3&modestbranding=1" > < img alt="Why You Should not Dispute Your Credit rating Report Online!" src="http://free-credit-report-check.com/wp-content/uploads/2017/07/default-9.jpg"/ > Need Credit Fixing Solution? http://www.cjthecreditfixer.com/ Include me on Facebook- http://www.facebook.com/cjthecreditfixer Do not hesitate to Call Me – 504-402-3457 Email Me- email@example.com Instagram- @cjthecreditfixer The main factor you must never ever dispute things online is just due to the fact that there’s no human interaction as a result you lose all take advantage of when it comes to having to take legal action against credit score bureaus for breaking the legislation … Since you’re disputing online you don’t have any type of actual proof that you did & you’re not producing a paper trail as proof …
Atleast when you dispute by mail or fax you’re developing a proof and also evidence so if they attribute bureaus do break the law you could take that evidence to a customer defense legal representative & take legal action against for a good quantity …
With any luck this suggestion assists you when you’re attempting to contest on you’re own & make certain when you do challenge it’s by certified mail so you could maintain records of when they have in fact obtained your letters … So with that being stated men I run out below & remain tuned for my next video!
Requirement Credit Repair Solution? http://www.cjthecreditfixer.com/
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Many tests also show that 1 out of 4 credit reports contain mistakes that may bring about the customer becoming declined for credit. Although this is a significant fact, furthermore really serious is exactly what REALLY takes place when these consumers really dispute these errors on the report because of the credit reporting agencies. Numerous “Consumer cover” and “customer Rights” teams make an effort to make consumers feel confident by explaining that any mistakes on the credit file need to be…”examined” by the credit reporting agencies and… any information that the bureaus can’t confirm within thirty day period, must certanly be ERASED from the consumers report. All of that must attempt may be the consumer must send a letter (or look online) to “initiate” the investigation process. Sounds great… because you’ve most likely heard it before. Whenever many Americans notice the term…”INVESTIGATION” in relation to something to their credit file they may be challenging, they generally picture some difference associated with after three step procedure:
THE 1ST STEP: a member of staff in the Credit Bureau gets their particular dispute and personally reviews it. During this review they gather information and documents in regards to the disputed account by contacting the initial creditor or collection company etc. (a.k.a. the information “Furnisher”).
STEP TWO: The Credit Bureau Employee then product reviews copies of initial documents like the Credit Application, Billing Statements, Billing and Payment Statements or notes inside account finding any errors in reporting. If anything is within question they will certainly request proof from “Data Furnisher.”
THIRD STEP: as soon as a “complete and thorough” research was finished, the Credit Bureau Employee will update the consumers account based on the link between the research.
Today, let’s speak about exactly how it truly works. 1ST: A dispute page is established by either…You, a legal professional or A Credit Repair business. And it’s really after that mailed towards Credit Bureaus. It doesn’t actually matter which mails the page because… 2ND: if the letter is obtained because of the Credit Bureau it’s electronically scanned with “Optical Character Recognition” and… matched against a DATABASE of…”Boiler Plate” Dispute Letters popular by Credit Repair Companies or within Software Programs and Credit fix Books. If the letter “matches” one of these simple letters in their database your dispute will probably be…
a) Flagged as FRIVOLOUS
b) Marked as SUSPICIOUS, or
c) Completely DISMISSED
if you have made use of a Credit Repair Company or Dispute Letters off Credit fix Books you may have firsthand knowledge about this. THIRD: regardless of whom writes your dispute letter or just how threatening it could seem, if the SCANNED form of it does NOT match compared to a “Boiler Plate” Dispute Letter used 1000s of times, the scanned variation will then be sent digitally overseas for handling in a country like: Asia, Jamaica, Philippines or Costa Rica. Here, an outsource employee who doesn’t also talk English as their local language will look at your scanned dispute and transform it into simply a-two or THREE Digit Code. Yes, you heard that properly. They are going to bring your dispute (regardless of if it offers 10 pages of detail by detail documents encouraging your claim) and transform it into only a… several Digit Code And, which will make your bloodstream boil more, they do this with a very automated system the Credit Bureaus developed known as e-Oscar which (understand this) signifies… E-lectronic O-nline S-olution (for) C-omplete (and) A-ccurate R-eporting
The e-OSCAR system takes your dispute and in most cases makes use of a pull down “Pick List” to transform the dispute into only 1 of 26 Different Dispute Codes. Worse, of these 26 Dispute Codes, 85% of disputes will come under the same 5 rules. For instance, according to testimony from congressional hearings, credit agencies utilized listed here rules in these percentages because of the e-Oscar system:
31per cent of Disputes “NOT MINE”, 21% of Disputes “ACCOUNT STATUS”, 17% of conflicts “INACCURATE INFORMATION”, 9percent of Disputes “ACCOUNT AMOUNTS”, 7percent of Disputes “ACCOUNT CLOSED”
85% of conflicts come under same 5 Codes
Once your dispute is converted to one of the “Standardized Dispute Codes” within the e-Oscar system, the code is sent to the Data Furnisher (a.k.a. the initial Creditor or range Agency) utilizing a standardized kind known as an “Automated customer Dispute Verification Form” (or ACDV for brief). This request is delivered to the info Furnisher via the e-Oscar System. An ACDV merely includes various items of distinguishing details about the consumer, the Dispute Code and perhaps, additional notes. Any encouraging paperwork like, Account Applications, Canceled Checks, Billing Statements or Pay Off Letters or Confirmations an such like. are NOT contained in these electric communications between information Furnishers and the e-Oscar System. Your dispute is basically changed into nothing but a “Dispute Code”. Indeed, there was…NO SYSTEM IN POSITION the Credit Bureaus to deliver your encouraging papers and Proof of your claim to the Data Furnishers! Therefore, what goes on whenever a furnisher obtains an “automatic Consumer Dispute Verification” (ACDV) through the e-Oscar System? “Do they start an “in-depth” examination?” “If the furnisher is a Collection Agency do they contact the Original Creditor for REAL documents regarding account?” Hardly… keep in mind, the information furnisher won’t ever even obtain nor see most of the documentation inside dispute (even although you sent 60 pages of evidence).
In reality, there’s a new piece of technology to even further automate the e-Oscar System for Data Furnishers and it is called…BATCH SOFTWARE. Data Furnishers like large finance companies and debt collectors can get large number of disputes four weeks. Working with all those disputes by hand through the e-Oscar program rapidly becomes A LOT OF WORK, e-Oscars answer to the thing is to deliver the information Furnisher all of these conflicts in one huge file, at the same time. It’s this that the BATCH INTERFACE purpose is made for. Now, whenever data furnisher obtains this big file there are many alternatives for processing the information. One such option is some thing called…REPLY each. RESPONSE each permits the information furnisher to choose an answer like…”Account Verified”, thereby applying this response to dozens and even hundreds of files inside file with a single push of a button. But if it doesn’t maybe you have fuming sufficient, after that possibly another feature will. And, that feature is one called…AUTO POPULATE. The “Auto-Populate” purpose allows the info furnisher to Auto Populate answers of automatic customer Dispute needs before submitting them back again to the credit bureau through the e-Oscar System. Of course, everyone knows the Fair credit rating Act (FCRA) states that most Data Furnishers SHOULD perform a REASONABLE EXAMINATION. Then again, possibly all of it depends upon just what one calls a “reasonable” research and how reasonable it may be whenever AUTOMATED. Therefore, if you should be prepared find out the facts in regards to the fastest option to enhance your credit rating so you can get…The money you want for a Business and Buy The Home You not merely appreciate But would like to LIVE-IN!
Jay Peters is the founder of Credit fix Publishing and it has already been publishing credit fix information since 1994. Due to their free eBook called “28 Credit Secrets the Banks, Collections Agencies and Government Don’t Want You to Know!” see their website at: http://www.creditrepairpublishing.com
If you’re looking to fix your credit as quickly as possible the very last thing you should do is postal mail pre-written or template dispute letters on credit reporting agencies. Almost every single “do-it-yourself” credit repair book (and computer software) will present you with “Pre-Written” or “Template” dispute letters to employ.
These are designed to get you final results while conserving you time and money by without having to create disputes from scratch. May seem like an excellent concept, correct? Unfortunately, mailing these letters into credit reporting agencies is approximately the DUMBEST THING YOU MIGHT DO…
Here’s: perhaps you have questioned what number of dispute letters the credit agencies obtain almost every day? Take a guess. Simply take a crazy estimate. What do you consider: five-hundred every single day? A lot of a day? 5000 everyday? Amazingly, the credit agencies now get more than 20000 dispute letters just about every day.
But that’s perhaps not the issue. The difficulty is the way they handle them. You notice… The credit agencies determined in the past that control of dispute letters ended up being costing all of them a lot of cash. Actually (recently) each dispute was costing all of them about $ 4.50 to process. Multiply that by $ 20,000 in addition they had been spending…ninety thousand bucks each day just coping with customer disputes!
Naturally, the Credit Bureaus had to determine a method to get these costs down. Plus they made it happen with 2 items of technology called O.C.R. and E-Oscar. These days we are going to describe the initial one…
O.C.R. stands for “Optical Character Recognition”. O.C.R. is a computer know-how which instantly SCANS and READS over ten thousand letters every hour (regardless of whether hand written or imprinted). Much more extremely, it could keep all the tips it reads to a CENTRAL DATABASE.
Therefore, it can see any page which has been sent in far more than when and record it as a DUPLICATE. For new, this offered the credit agencies the power to recognize (and get) any “pre-written” or “template” dispute letter sent by a credit restoration corporation.
Even worse, it permitted them to learn any letter imitated by you…out of a CREDIT REPAIR Manuscript. Because of this credit ebooks (and pc software) with letters are so dangerous for consumers; since when you use all of them, you’re making use of the Same Letters which were used by every “poor schmuck” just who bought that report prior to when you.
And in the event that you imagine the credit agencies Computers aren’t gonna recognize the difference, you must mirror again.Bear in your mind, if you should be like a large amount of united states, you’ve got 2 life. The life span you live therefore the “unlived” life inside you.
between those 2 resides is “The Gap”… the task which must be done to have from where you stand today to in which you WISH TO BE tomorrow. And, if you should be attending to plus in receipt for the “big picture” here, you notice that your credit rating and earnings are the key things keeping you against getting to that accomplishment.
It’s keeping you back through the low rider you want…It’s keeping you from the hard cash you want for business and…it’s maintaining you against the residence you manor. Now the query becomes, “Are you going to do just about anything about it?” If you should be sick and tired of your credit history managing your own future after that “DO SOMETHING POSITIVE ABOUT IT” and look into the top techniques to start your particular credit repair requirements.
Jay Peters has Zodiac Publishing, which built the “Credit Repair Intelligence System”, providing you the answer to assist you with your need to understand dispute letters. For lots more no-cost reports and movies with circulation rights be sure to head to their particular site at: Credit Repair program.
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Below at Credit rating Regulation Center, we utilize the rules and regulations daily to assist our customers in resolving concerns like these.
Debt Legislation Center is an Attorney based credit repair work company, with the capacity to aid consumers in 48 states. The Lawyers and credit score repair experts at our firm help customers to contest suspicious details on their credit history reports. Consumers are secured by the Fair Credit scores Reporting Act, and also many times, when an offense has actually occurred our attorneys, make use of these violations as take advantage of to obtain an item removed. The staff at Credit report Legislation Center has over 13 years experience and proficiency in litigating customer rights, along with reviewing credit scores reports to confirm that the things the Credit score Reporting Firm, (Transunion, Experian, and Equifax) are 100% accurate as well as verifiable. The Federal Trade Compensation (FTC) reports that over 79 percent of Credit report Information include mistakes.
We would certainly love to assist you, please call us for an appointment at 1-800-994-3070.
Debt Regulation Facility.
4041 NE Lakewood Way, Collection 140.
Lee’s Top, MO 64064.
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="// www.youtube.com/v/70Vfp1rtYwE?color2=FBE9EC&version=3&modestbranding=1 "/ > The NCAP negotiation alters the method credit conflicts are initiated … appealed as well as solved. Reliable Sept 9, 2015 Conserve your commission! Aid your customers increase their credit history to make sure that they can acquire the residence of their desire. Enhance their buying power by increasing their credit report.
With the new NCAP laws, “credit score repair” companies are now going out of business. The legislation is currently on the side of your customer. Discover just how to help their credit history and also help you close your bargains!
< item type="application/x-shockwave-flash" design="size:425 px; height:355 px;" data ="// www.youtube.com/v/n4q2XtmFmJo?color2=FBE9EC&version=3&modestbranding=1" >< param name="motion picture" worth ="// www.youtube.com/v/n4q2XtmFmJo?color2=FBE9EC&version=3&modestbranding=1"/ > Today’s inquiry is: Exactly how Do Credit score Coverage Agencies Get And also Keep My Info?
Ask us your debt concerns in the remarks and also find your next card at https://www.creditcardinsider.com/ The 3 debt reporting agencies – Experian, Equifax, and TransUnion – gather information regarding your finances, bank card, and also other monetary activity. This information is voluntarily supplied by the lenders, that profit by being able to get a smart idea of somebody’s debt danger by looking at their credit rating record. Credit scores are created based upon the info in these records. If you believe that some info is inaccurate or missing from your credit report reports, you could submit a conflict with the appropriate agencies.
Every week, John Ulzheimer answers YOUR credit rating questions. Email us, provide us a telephone call, or ask on real-time chat, and also we might answer your inquiry on YouTube!
To learn regarding credit report, credit score reports, handling financial obligation, and also just how bank card work, examine out our find out area at https://www.creditcardinsider.com/learn/ If you’re searching for a credit score card, start your search at https://www.creditcardinsider.com/credit-cards/ Join our community!
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Numerous studies display that 1 out 4 consumer credit reports include errors that will result in the consumer being rejected for credit. While this is a serious fact, what is more critical is what genuinely happens when these consumers actually dispute these errors on their report with the Credit Bureaus.
Many “Consumer Protection” and “Consumer Rights” organizations try to make consumers feel assured by explaining that any errors on their credit report have to be…”Investigated” by the credit bureaus and…any details which the bureaus are UNABLE to verify within 30 days, must be DELETED from the consumers report.
All that is required to make this happen is the consumer must mail a letter (or go online) in order to “initiate” the investigation procedure. When most Americans hear the word…”INVESTIGATION” in regards to an item on their credit report they’re challenging, they normally picture some variation of the following three step process:
STEP ONE: An employee at the Credit Bureau receives their dispute and personally reviews it. During this review they gather information and documents in regards to the disputed account by contacting the original creditor or collection agency etc. (a.k.a. the Data “Furnisher”).
STEP TWO: The Credit Bureau employee then reviews copies of original paperwork like the credit application, billing statements, billing and payment statements or notes in the account looking for any mistakes in reporting. If anything is in question they will ask for proof from the “Data Furnisher.”
STEP THREE: Once a “complete and thorough” study has been completed, the Credit Bureau employee will then update the consumers account according to the outcome of the investigation.
Now, let’s talk about how it truly works. Here’s how more than 83% of credit bureau disputes really work:
FIRST: A credit bureau disputes letter is developed by either you, an attorney, or a credit repair company. And it’s then mailed to the credit bureaus. It doesn’t actually matter who mails the letter due to the fact that…
SECOND: When the letter is received by the Credit Bureau it’s electronically scanned with “Optical Character Recognition” and…matched against a DATABASE of…Boiler Plate Dispute Letters normally used by Credit Repair Companies or discovered in Software Programs and Credit Repair Books…
If your letter “matches” one of these letters in their database your dispute will most likely be…Flagged as FRIVALOUS, Marked as SUSPICIOUS or entirely IGNORED. If you’ve used a Credit Repair Company or Dispute Letters out of Credit Repair Books you might have firsthand experience with this.
THIRD: No matter who writes your dispute letter or how threatening it may sound…if the SCANNED version of it does NOT match that of a “Boiler Plate” Dispute Letter employed thousands of times, the scanned version will then be sent electronically overseas for processing in a nation like: India, Jamaica, Philippines or Costa Rica.
There, an outsource employee who doesn’t even speak English as their native vocabulary will look at your scanned dispute and turn it into nothing but a TWO or THREE Digit Code. Yes, you observed that correctly. They will take your dispute (even if it has ten pages of in depth documentation supporting your claim) and convert it into nothing but a…TWO or THREE Digit Code
And, to make your blood boil even a lot more, they do this with a highly automatic system the Credit Bureaus designed termed e-Oscar which (get this) stands for…E-lectronic: O-nline S-olution (for) C-omplete (and) A-ccurate R-eporting.
The e-OSCAR system takes your dispute and commonly makes use of a pull down “Pick List” to transform the dispute into just 1 of 26 different dispute codes. Even worse, of these 26 Dispute Codes, 85% of disputes will fall under the identical 5 codes. For instance, according to testimony from congressional hearings, credit bureaus utilized the following codes in these percentages with the e-Oscar system:
31% of Disputes “NOT MINE” 21% of Disputes “ACCOUNT STATUS” 17% of Disputes “INACCURATE INFORMATION” 9% of Disputes “ACCOUNT AMOUNTS” 7% of Disputes “ACCOUNT CLOSED”
85% of Disputes fall under the exact same 5 Codes. Once your dispute is transformed to one of the “Standardized Dispute Codes” inside of the e-Oscar system, the code is sent to the Data Furnisher (a.k.a. the Original Creditor or Collection Agency) making use of a standardized form known as an “Automated Consumer Dispute Verification Form” (or ACDV for short).
This request is sent to the Data Furnisher through the e-Oscar System. An ACDV simply consists of a few items of identifying data about the consumer, the Dispute Code and in some cases, additional notes. Any supporting info like…Account Applications, Cancelled Checks, Billing Statements or Pay Off Letters or Confirmations etc…
…are NOT integrated in these electronic communications between Data Furnishers and the e-Oscar System. Your dispute is fundamentally transformed into nothing but a “Dispute Code”. In fact, there is NO MECHANISM IN PLACE for the Credit Bureaus to send your Supporting Documents and Proof of your claim to the Data Furnishers! So, what happens when a furnisher receives an “Automated Consumer Dispute Verification” (ACDV) from the e-Oscar System?
Do they begin an “in-depth” study? If the furnisher is a Collection Agency do they get in touch with the primary collector for actual documentation on the account? Hardly… keep in mind, the data furnisher will never even acquire nor see all the documentation in your dispute (even if you sent 60 pages of proof).
In fact, there’s a new piece of technology to even further automate the e-Oscar System for Data Furnishers and it’s called…BATCH INTERFACE. Data Furnishers like large banks and collection agencies can get thousands of disputes a month. Dealing with all these disputes by hand by way of the e-Oscar System quickly becomes…A LOT OF WORK.
The e-Oscars answer to the problem is to send the Data Furnisher all these disputes in one large file, all at one time. This is what the BATCH INTERFACE function was developed for. Now, when the data furnisher receives this huge file there are various alternatives for processing the data. One such possibility is something called…REPLY ALL
REPLY ALL enables the data furnisher to choose a response like…”Account Verified”… And apply this reaction to dozens or even hundreds of records in the file with a single push of a button. But if this doesn’t have fuming enough, then possibly another feature will. And, that function is one named…AUTO POPULATE
The “Auto-Populate” function permits the data furnisher to Auto Populate responses of Automated Consumer Dispute Requests before submitting them back to the credit bureau via the e-Oscar System. Of course, we all know the Fair Credit Reporting Act (FCRA) says that all Data Furnishers MUST perform a…fair study. Then again, possibly it all depends on what one calls a “reasonable” investigation and how fair it can be when automated.
Jay Peters owns Zodiac Publishing, which developed the “Credit Repair Intelligence System”, offering you the answers to help you with your need to understand the credit bureaus. For extra free reports and videos with distribution rights please go to see their website and learn about credit bureau disputes .
http://creditrepairpublishing.com/credit-repair-articles/56-credit-bureaus/151-what-the-credit-bureaus-dont-want-you-to-know-about-the-metro-2-format-and-credit-reporting Video Rating: / 5
Your credit needs some restoration and you opted to do it yourself. If that is the case, you have to contact the credit bureaus. There are three ways to contact the bureaus that we will discuss, they are:
Phone Snail Mail Online
Phone- you can call the credit bureaus directly for such reasons as: denial of credit or entitled to a free credit report, placing a fraud alert, placing a security freeze or simply disputing an item. If you plan on disputing an incorrect item by phone make sure you have your most recent credit report. On the report you will find a telephone number to initiate the dispute. For any of the other reasons, you can simply go to the credit bureaus website (of the one in which you wish to contact) and get the necessary number.
Snail Mail- snail mail is an effective approach of contact and even though it is slow it does have its advantages. Credit bureaus are bombarded daily (by the millions) with letters from consumers alike. Should you choose to dispute an item by mail you will need to track the letter. For this I suggest you send it certified mail, return receipt requested.
Online – you can contact the credit bureaus on line for numerous reasons, such as the ones listed above. However should you choose to dispute an item on line, I would also opt to do it by mail. Combining the two together has resulted in some very favorable results for my clients and if by chance the credit bureau can’t answer one of the disputes within the 30-day time frame it has to be removed. A little hint (When restoring clients credit I opt to do what I call the “Trilateral Attack”, it is the utilization of the three combined and it yields some amazing results.)
OK, now you know the different ways in which you can contact the credit bureaus. Now I am going to briefly show you how to effectively launch a credit cleaning campaign utilizing all three methods of contact. I use it all the time with my clients and have great success.
First I would get my most recent credit report from all three bureaus, then I would sit down and go over each of them. I would mark all information that I felt was incorrect, such as: names, AKA’s, previous addresses, negative accounts and public records from the three. I would gather the bureaus contact info and call each of the bureaus individually to open a dispute and ask them to correct the information in question.
Next, over the course of a few days (maybe a week) I would sit down and formulate a well thought out and well written letter. In it, I would vent my frustration a little and let them now how upset I am about the fact that they are reporting false information on my credit report. I would be very specific in what it is that they are reporting incorrectly and what I would like them to do with it. Such as: “The following account is incorrect as it is not mine.” “Please investigate the account to its entirety within the 30-days provided by law or remove it.” I would gather the letters, notarize them (a little trick that works for me, but not necessary) address them and send them out to each of the credit bureaus by certified mail. Make sure you send them certified, as you might have to show proof later that you sent them.
Finally, while the letters were in transit I would hop on the computer and start an online dispute with the three credit bureaus.
Even though this might seem like a lot of work, and it is, the results you will see are well worth it. I would continue the process until I seen the results that I was looking for, but be careful not to do it too much. If you do it about 5 to 10 days after each response from the credit bureaus you should be fine. Good Luck!
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< item kind="application/x-shockwave-flash" design="width:425 px; height:355 px;" data ="// www.youtube.com/v/_AuGReI8VQY?color2=FBE9EC&version=3&modestbranding=1" >< param name="flick" value ="// www.youtube.com/v/_AuGReI8VQY?color2=FBE9EC&version=3&modestbranding=1"/ > Exactly how to Report to Credit report
Bureaus 00:01:06 Technique 1 Knowing Debt Bureaus
00:01:13 1 – Research the 3 credit score bureau firms 00:02:09 2 – Make use of credit report reporting to gather uncollectable bills 00:02:40 3 – Negotiate with removal of a bad credit report entrance 00:03:16 Technique 2 Employing a Collection Agency or Credit score Reporting Service 00:03:25 1 – Work with a collection firm 00:04:03 2 – Select a debt collector carefully 00:04:53 3 – Work with a credit report reporting service business 00:05:30 Method 3 Reporting Directly to Debt Bureaus
00:05:38 1 – Sign up with the credit report bureaus 00:06:21 2 – Call the credit history bureau and request for their credentials demands 00:06:42 3 – Pay the fees as well as service fee 00:07:07 Tips Material drawn from WikiHow http://www.wikihow.com/Report-to-Credit-Bureaus
Are you under the impression that there is some relationship between the credit bureaus and the government? Credit repair expert Jim Kemish offers some insights.
Not a Friendly Service
In a recent blog entry I wrote, “Significant legislation has been enacted to protect you from the impact of the credit bureau’s inaccuracies. The right that you have to receive copies of your three credit reports for free on an annual basis is not a friendly public service by the credit bureaus. The bureaus have been required to provide this service as one of the protective measures included in the Fair and Accurate Credit Transactions Act. Your credit report can have a major impact on your financial life. Give your credit the attention that it deserves and review your reports regularly.”
A Reader Responds
A reader responded by asking, “I’ve read that the credit bureaus are regulated by the Federal Trade Commission. Doesn’t this indicate a relationship with the government?” Below is my reply along with some additional thoughts on the subject.
The Credit Bureaus are Not Government Agencies
I replied that, “The relationship between the credit bureaus and the government is the same as the relationship that you have with the government. Because your actions are conscripted by law does not in anyway suggest that you are necessarily a law abiding citizen (although I’m sure that you are!). As many people live in a constant adversarial relationship with the government, so do many large businesses. The credit bureaus happen to be constantly at odds with the law. Given the potential impact that credit reporting errors can have on your financial life, I strongly suggest that you modify your opinion of the bureaus enough to be very cautious of the content of your credit report.”
Strictly For Profit
One of the unfortunate underlying assumptions that people, like the above reader, have in their attitude towards the credit bureaus is that the bureaus have some form of official status. This could not be farther from the truth. They are strictly for profit businesses. Experian and Equifax are publicly traded companies and list their revenues in the billions of dollars. Trans Union is a privately held company with revenues estimated also in the billions. The three credit bureaus have maintained a consistently adversarial relationship with the government and consumers throughout their histories.
An Adversarial Relationship
An adversarial relationship with the public is not unusual for large businesses. All activities are chosen for the purpose of producing profits. The history of lawsuits brought against the bureaus over time paint a clear picture. The office of the Attorney General of Florida is currently pursuing action against Experian relating to misleading claims, deceptive advertising, a misleading domain name (freecreditreport.com), and failure to honor cancellations to their credit monitoring service offered through this so-called free credit report website.
A History of Conflict
The type of behavior described by the Office of the Attorney General of Florida is consistent with countless charges against the three bureaus. In the 1970s Equifax was charged with rewarding its employees for collecting negative information on consumers. This charge, which resulted in a consent decree, provides an interesting hint about the corporate culture.
Experian Gets an “F”
In 2006 a leading consumer advocate website rated the customer service offered by the three bureaus. The ratings were dismal including a grade of “F” given to Experian, who was sited for not even providing customers with a customer service telephone number. Credit repair is not on the priority list at the credit bureaus!
Nothing Has Changed
The above mentioned consumer advocate site has a current post that says, “With the 2003 amendments to the FCRA, and the introduction of the FACT Act, millions of consumers will see the quality of their credit reports degrade even further. FACT stands for Fair and Accurate Credit Transaction Act, but in reality it is just our government trying to appease millions of consumer who complain about the current credit reporting industry. But they are only appeasing us in name only…”
The Forces at Work
We have been assisting our customers with credit repair since 1989 and as such have dealt with the three bureaus on a consistent basis. There are two major forces at work that shape the behavior of the credit bureaus. The first major force is the need to maximize and protect profits which may result in decisions about operating policy that are not in the best interest of the public. The second force that conspires with the profit motive is the sheer bulk of data that the credit bureaus are trying to manage and maintain. The result has been widespread and serious errors on consumer reports combined with a horrible corporate bureaucratic resistance to fixing the problem. So check your credit reports regularly.