Highlights: - One in four consumers identified errors on their credit reports that might affect their credit scores; - One in five consumers had an error that was corrected by a credit reporting agency (CRA) after it was disputed, on at least one of their three credit reports; - Four out of five consumers who filed disputes experienced some modification to their credit report; - Slightly more than one in 10 consumers saw a change in their credit score after the CRAs modified errors on their credit report; and - Approximately one in 20 consumers had a maximum score change of more than 25 points and only one in 250 consumers had a maximum score change of more than 100 points.
There was a 60 minutes news story last night about how the bureaus send dispute inquiries to third worlds nations . Their job is basically to put the consumers dispute into a two digit code, and say the bank/collector verified the debt if the bank provides any kind of response
Senior Member - 3K
posted: Feb. 11, 2013 @ 2:45p
SIS is 100% correct. They outsource most of the credit investigation process, and no matter how detailed or specific or unique your dispute is, it is boiled down to a simple code "not mine" or "never late" and the data furnisher provides a response. In some cases, they retain the information regardless of a response being given.
The stats are similar to what they were 5 or 10 years ago.
fedguy said: This is what happens when you allow a triumvirate to monopolize the credit reporting industry. There are now about 30 "consumer reporting agencies " , which is even more dangerous bc consumers rarely check them all .
Checking the big 3 was easy - it's getting to be impossible between ars, clue , ISO, the work number etc
posted: Feb. 12, 2013 @ 9:57a
For many years I've battled the credit bureaus and others over errors in my credit. It has been a very frustrating experience and I know that they do not do $hit about the disputes unless the creditor does not responds. The only cases where I've had positive experiences is when the creditor do not response and the credit bureau then has to take off the false negative statement from my report. It is a dirty, dirty, dirty business...
Senior Member - 2K
posted: Feb. 12, 2013 @ 12:25p
SUCKISSTAPLES said: There was a 60 minutes news story last night about how the bureaus send dispute inquiries to third worlds nations . Their job is basically to put the consumers dispute into a two digit code, and say the bank/collector verified the debt if the bank provides any kind of response
Saw the story - I wish 60 minutes had expanded on why the free annual report you get is not the report that the creditors do. They did a story with a lady that could never see the inaccurate debts that the CRAs showed she had so she got denied for credit repeatedly and didn't know why until she got a lawyer. That case in particular was astounding to me, but I'm not surprised at all that they just pay off the people that end up suing them because it's cheaper to do that than to be accountable. We are not their customers.
I hope the AG lawsuits against the CRAs force changes, because the FTC doesn't care beyond issuing the occasional report or fine.
posted: Feb. 12, 2013 @ 3:48p
Why let the AG do it ? Hire your own lawyer and you'll likely get paid $$ to settle if the bureaus refuse to remove inaccurate info.
That poor lady who tried for six years to get someone else's name off her report was sad. But as soon as she filed a federal fcra lawsuit it was fixed
People need to use the court when companies ignore you . My mom had an invalid collection on her experian report . We gave them two letters to remove it. Next was the federal lawsuit . After that was the settlement
No wasting six years sending hundreds of letters in frustration like that woman on 60 minutes
Senior Member - 2K
posted: Feb. 13, 2013 @ 9:50a
It should NEVER get to the point of having to file a federal lawsuit (and plenty of folks can't even dream of doing this, or find a lawyer to take their case), but since the FTC doesn't care to enforce the FCRA it's sad that we have to get lawyers to force them to comply. That's why I hope the AG's can act on our behalf and force changes, it's what they are supposed to do.
Or maybe the new federal consumer protection bureau will have some balls, I think the CRAs fall under their jurisdiction now.
posted: Feb. 13, 2013 @ 9:59a
I agree they should just act properly , but i prefer the "private right of action" where a consumer can actually hire an attorney ,sue and collect damages
That was the problem with loan mods- the banks wouldn't process them correctly but consumers had no private right of action to enforce it. In CA now there are some teeth and a private right of action.
The bureaus are a mess and the only thing they understand is a lawsuit. Even my mom had to file a federal fcra lawsuit.
posted: Feb. 13, 2013 @ 11:46a
The most disturbing thing (out of the many disturbing things) on the 60 Minutes report was the woman who kept pulling her credit report, seeing nothing wrong at all, then continuing to be denied credit. Because the creditors were being issued different credit reports than what she was seeing, and it contained all sorts of wrong information. What the hell is the point of checking your credit report if you aren't seeing what creditors are seeing?
Ok, so probably the most disturbing thing was how they said there is absolutely nothing short of a lawsuit that will correct those sorts of problems and the woman literally spent years trying to get it corrected through "official" CRA channels. What a crock. The AG that they interviewed said he was absolutely convinced that they were not following the FCRA. They also said it is cheaper to pay out a few lawsuits than to change their entire process so that it is actually fair and legally compliant... Until people in the banking/finance/credit industry start to go to jail for willfully violating laws, nothing is ever going to change. Fat chance of that though.
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