60 Minutes & the FTC Reports on How the Credit Bureaus Fail to Correct Serious Errors in Consumers’ Credit Reports

Last night, 60 Minutes aired a fine report on the failure of Experian, Equifax and Trans Union to comply with the FCRA’s requirement that they investigate and correct errors in consumers’ credit reports. Steve Kroft of 60 Minutes traveled to Santiago, Chile where Experian employs most of its credit dispute employees. Three ex-Experian employees, who handled disputes sent by US consumers, told Steve their only function was to reduce the dispute to a two-digit code and forward it to the creditor that made the report and if the creditor said its report was correct, they verified the report to the...

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