New Report on Credit Bureaus’ Electronic Dispute System & How it Frustrates Consumers

Inaccuracies plague the credit reporting system. The FCRA established a process to enable consumers to dispute the inaccuracies and force the credit bureaus and companies that provide the data to investigate the disputes and make corrections. A new report from the National Consumer Law Center shows that the system is a travesty. The three major credit bureaus conduct investigations in a perfunctory manner. The bureaus translate consumers’ detailed dispute letters into two or three digit codes and send the codes to the companies that furnished the information. The bureaus fail to send supporting documentation to the companies in violation of...

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New Edition of Credit Scores & Credit Reports

Evan Hendricks is a leading expert on credit scores and credit reports. His book, aptly named Credit Scores & Credit Reports, How the System Really Works, What You Can Do, 3d Edition, is now available in paperback on Amazon. Anyone interested in how the credit bureaus operate should read this book. Hendricks covers credit scoring, obtaining your credit report, disputing errors, identity theft, mixed files, reinvestigations, so-called credit repair, debt collection, and other topics.

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Credit Bureaus Won’t Let You Add Credit History

The NY Daily News reports on an individual who noticed his credit reports did not show all his credit cards. He gathered his credit card documents and sent them to the credit reporting agencies asking them to add them to his credit history with the idea it would improve his credit standing. Trans Union wrote back saying no dice. They won’t accept credit information from consumers. It has to come from subscribers. A TU spokesman dodged the real issue why not by saying consumers “cannot dispute an item that does not exist on their credit report.” Of course, the consumer...

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Consumers Who Filed for Bankruptcy Get Help with Old Debts on their Credit Reports

A recent court order in a class action will help millions of consumers who filed bankruptcy but have been plagued with old debts showing up on their credit reports. The old debts, which are typically forgiven by the courts in a bankruptcy filing, are still being reported as active on many consumers’ credit reports. As reported in the Wall Street Journal, Experian and TransUnion say they have already updated their credit files to be compliant with the court order. TransUnion also sent notices to some customers saying they “may experience a slight change” to their credit scores if any of...

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NY Times Reports on the High Cost of a Free Credit Report

The NY Times reports that Experian is spending $70 million per years advertising its FreeCreditReport.com site where many consumers log on deceived into believing they will get a “free” credit report. For example, one person provided his credit card information thinking it was needed for identification only to find Experian charged him $14.95 a month for a credit-monitoring service. The Experian website is not the one site where the credit report is free–that would be www.annualcreditreport.com. In 2005, the FTC sued Experian for deceptive marketing of its FreeCreditReport; Experian paid the FTC a fine of $950,000 settle.. The Experian credit-monitoring...

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