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CREDIT BUREAUS
They admit they get hundreds of thousands of complaints EVERY MONTH
concerning errors on consumers' credit reports! Credit bureaus are private
corporations and not in any way affiliated with government, unlike what many
consumers may believe. To date, the 3 most prominent names in credit bureaus
are TRW, Equifax and Trans Union.
Credit bureaus collect data on consumers' credit history
yet there may be relataively few check and balances to make sure the data
collected on consumers is even correct!
When a creditor does a search on your name, problems may arise especially
when the creditor uses just part of your name or address to call up as much of
your credit history as possible. If your name is similar to someone else's your
credit files can get mixed together potentially causing both of you problems!
Even if a credit bureau makes mistakes it may take months, even years, to
get your credit repaired while your credit rating suffers in the meantime
possibly causing your application for credit to be rejected everytime you apply
for credit anywhere for anything!
It seems that massive amounts of bad credit data find its way into
consumers' personal credit files and goes undetected while the credit bureaus
take little responsibility for verifying the data they receive!
Inaccurate credit reports is one of the major complaints to the Federal
Trade Commission (FTC). Remember, the data supplied to the credit bureaus
mostly comes from creditors, meaning those friendly folks you purchase things
from. They supply the credit bureaus with the data that goes into creating your
credit history. These bureaus, consequently, have no way to guarantee the
accuracy of the data!
SUPPLEMENTAL SOURCE: SMART MONEY MAGAZINE OCTOBER 1996
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