Posted 3 months ago on Feb. 11, 2013, 7:47 a.m. EST by WSmith
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60 Minutes: 40 Million Mistakes: Is your credit report accurate?
February 10, 2013 4:00 PM
A new study indicates as many as 40 million consumers have a mistake on their credit report and Steve Kroft finds it's hard to get them fixed. 40 Million Mistakes: Is your credit report accurate?
60 Minutes: http://www.cbsnews.com/video/watch/?id=50140748n
Consumer credit reporting is a four billion dollar a year industry dominated by three large companies: Experian, TransUnion and Equifax. They keep files on 200 million Americans and traffic in our financial reputations. They make their money gathering information from people we do business with and selling it to banks, merchants, insurance companies, and employers and they use it to make judgments on our creditworthiness and reliability. But now the reliability of the industry is being questioned in an 8-year Federal Trade Commission study to be released tomorrow. Jon Leibowitz is the chairman.
Jon Leibowitz: Here's what we found. Some pretty troubling information. One out of five Americans has an error on their credit report. And one out of 10 has an error on their credit report that might lower their credit score.
We regularly complain about WS and the Fed, let's also go after the Credit Reporting Agencies who are screwing us all the time!
Unaccountable Agencies (Equifax, Experian, TransUnion) gathering and selling information on all of us that often ruins our lives with little if any recourse!!! You talk about your "Death Panel, FEMA Camp Big GubMint"!!!??? From purchases to housing to jobs, these Private Pirates determine how you live... or if you live!!!
Will New Oversight of Credit Reports Stop Unscrupulous Debt Collectors?
Submitted by Robert Oak on July 17, 2012 - 3:01pm
The newly formed (by Dems and President Obama) Consumer Financial Protection Bureau will start to oversee the companies who generate credit reports on you. That's Experian, Equifax and TransUnion plus about 30 more.
This action can come none too soon. Unscrupulous debt collectors inaccurately report actions to credit reporting bureaus all the time, especially for Medical bills. Getting these illegal collections or inaccuracies and errors off of one's credit report is next to impossible. Credit reporting agencies simply do not respond it seems to challenges. Experian, as an example, doesn't even have a phone number! Of course you can sue them, but even small claims court is not for the faint of heart and it's not guaranteed one will win, even when being in the right.
One of the biggest problems turning up on credit reports are medical bills. Who does not know billing from Medical facilities is loaded with errors, duplicates and mistakes? Yet more and more Medical companies are turning into the sellers of debt and even bring debt collectors into the Medical practices themselves. That's sloppy, inaccurate medical debt, often for services subpar or not rendered. Literally the health care sector is in the business of selling debt, demanding loan shark interest rates, almost the minute you walk out the door from their facility.