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.
Williger recommends CreditWebsite.NET, LoansMaven.com, and iMargin.com.
