Why the Credit Bureaus can’t get it right?
A mistake on your credit report can cost you literally thousands of dollars, especially in this economy. So what can you expect from a big credit bureau if you ask them to investigate and correct the error?
What a great question and one that Spence Wharton, an NCF consultant shot me recently. Smart Money magazine did an article and one that I thought merits your attention. Just click the link below?
http://www.smartmoney.com/Spending/Rip-offs/Why-The-Credit-Bureaus-Cannot-Get-it-Right/
People ask me all the time how can they, the credit bureaus, do this or that? Why would they not delete this right away? How can they get away with this?
You’ll read about when testifying before Congress, one CEO of an independent Arizona credit bureau likened the dispute process to “having an IRS audit, brain surgery, getting a tooth pulled or going to your own funeral.
So, take a few moments with a hot cup of coffee or perhaps over lunch today and find out some facts on how the credit bureaus basically snub their noses at the average Joe consumer. How they abuse folks just like you and I.
This is just a taste of the battles we fight every day for our members!
Be Bold!
Herschel
Tagged with: battles we fight • credit bureau • credit bureaus • credit bureaus snub their noses • mistakes on credit reports
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Dude you’re great and you know what you are talking about. I have been a Mortgage Lender for 16 years and up until two years ago thought I new it all. After all, I had been to all the classes required to keep my license.
The classes on credit are a bunch of lies propagated by the big three credit reporting agencies whom by the way graciously provided the teaching materials.
I used to have perfect credit (720+ mid FICO) until the first of the year when my wife and I were hit by a driver that ran a stop sign and hit me in my drivers door. I foolishly settled with the insurance companies for a few grand a couple days after the accident after we we didn’t seem to be hurt that bad. Then the problems with my wife’s neck and back and the headaches started that keep her bed ridden several days at a time…long sad story but now my credit stinks. I have 7 accounts with $30K charged on them. I am a Real Estate Mortgage Loan Officer so I cant file BK (loose my license) and I may anyway because of the shape of my credit.
I have clients that I cant help because of the new ridiculous credit thresholds (740) mid FICO or you get raped with risk based pricing. Home valuations in my area are stable but because we now have to use appraisal management companies that are located often times in other states we can never get a fair valuation on an appraisal.
Need I go on?