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The truth about credit reporting agencies
We all know that receiving our credit report and credit score is
important. You can receive your credit report and score from
Experian, Equifax, and TransUnion the three major reporting
agencies. The basic report is free to all consumers from these
companies. Or if you would like your score also you may be looking
at around $60 once or twice a year to receive all three reports
with the scores.
Now these three companies have the market on credit reporting and
are big business, they do not work for the consumer, they are very
big business are only in the market to make money. Not help you
with your credit score or to fix any errors. You will need to do
all the leg work to correct any errors and it is well worth it.
A big reason that they are so powerful is that they have spent one
and half million in federal lobbying to get their way, according
to the Center for Responsive Politics. They do not just retrieve
and collect credit information about people and businesses.
Typically there are articles and media that they report to about
identity theft and the problems that are associated with it. There
is quite a bit of misinformation that they use to their advantage
to sell products and services that are useless and unnecessary.
Some facts about the credit reporting agencies are that they are
big business and very powerful, they have more than doubled their
revenue, the only reason they investigate anything is because they
are forced to by the Fair Credit Reporting Act. Also, there are
dozens of excuses they use to try not to investigate anything
which include propaganda, harassment, and methods that are
bordering on illegal. All they really what to do is collect your
information and then sell it to credit companies, it does not
matter to them if it is accurate or complete. They get it and sell
it; unfortunately we are just numbers for profit.
The federal government has tried to create some safe guards for
consumers and businesses such as The Fair Reporting Act which
stipulates what is legal and illegal to sell and what information
to give out. It also is supposed to be there to stop fraudulent
collection agencies and companies, however with one and half
million spent lobbying in the federal government may dissolve
these rules. The FCRA was supposed to add and create some sort of
accountability so that not all of our personal information could
just be sold off or collected any way they wanted. However, the
agencies do not look for accuracy; again they do not care about
that part of it. Disputing incorrect information will raise your
credit score and ensure you get the best rates possible. It will
not be easy though, you will have to write countless letters and
make numerous phone calls to get the credit reporting agencies to
do their job.
Having this information will make it easier for you to correct
your information and receive the credit scores that you deserve.
The credit agencies only goal is to collect information and sell
it off for huge profits. Knowing this will better prepare you to
deal with them and get the information you need and want.
Article
Source:
http://www.creditwebsite.net |
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