What Happens when Government Records of Persons with the Same Names or SSN’s are Mixed

The courts and the state departments of motor vehicles sometimes mix the files of two persons with the same or very similar names. When one person applies for credit or job or tries to renew their driver's license, they may be denied credit or a driver's license based  on adverse records that belong to another person. It can be very difficult for such persons to clear their records. For example, the Guardian has an interesting first person story on a woman in New York named Lisa Davis, whose court and DMV records were mixed with other persons named Lisa Davis over...

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Experian Deceived Consumers, Fined $3 Million

Today, the Consumer Financial Protection Bureau fined Experian $3 million for deceiving consumers in marketing it own credit scores. Experian is one of the credit reporting agencies that created its own credit scoring, sometimes known as fako scores. They are fake because lenders do not use them in deciding whether to give consumers credit. Creditors generally rely on FICO scores, not the agencies' own scores. The CFPB said that from 2012 through 2014 Experian falsely claimed the credit scores it sold to consumers were used by lenders. The CFPB ordered Experian to truthfully represent how its credit scores are used...

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Big Three CRAs Will Remove Many Tax Liens & Judgments from Credit Reports

Acting through their trade association, Experian, Equifax and TransUnion announced they will remove many tax liens and civil judgments from credit reports starting July 1, 2017. This will improve credit scores of millions of people. The data will disappear if it does not include a complete list of at least three data points: a person’s name, address and either a social security number or date of birth. Many liens and most judgments don’t include all three or four. This change will apply to new tax-lien and judgments added to credit reports as well as existing data on the reports. In addition, if public...

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New CFPB Report on Problems at Experian, Equifax and TransUnion

The Consumer Financial Protection Bureau's has found numerous problems and deficiencies during its examinations of Experian, Equifax and TransUnion. The CFPB is directing certain reforms. Problems Uncovered at Experian, Equifax and TransUnion As CFPB Director Richard Cordray characterized it, "Standards on the accuracy of information in consumer credit files were distinctly sub-par." Some of the problems that the CFPB documented in its report include: No programs to test the accuracy of credit reports that the CRCs produced, prompting Director Cordray to remark"we were surprised to find that [the CRCs’] quality control systems were either rudimentary or virtually non-existent." Deficiencies regarding the...

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CFPB Reports Consumers Continue to Struggle to Get Credit Reports Corrected

Today the Consumer Financial Protection Bureau (CFPB) released a report that  consumers continue to struggle to resolve errors on their credit reports Most consumers' complaints fell in the following categories: Consumers report problems disputing complaints on their credit reports: Complaints submitted to the Bureau indicate that consumers continue to experience difficulties when submitting disputes to credit reporting companies. Consumers complain about inaccurate information on credit reports: Consumers submit a high number of complaints about inaccurate personal information on their reports. Frequently consumers state that incorrect or unrecognized names and addresses appear on their reports. Consumers report confusion about credit scoring:...

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