July 12, 2004 â?? The U.S. credit reporting system is one heck of a story. Small, local, paper-based credit reporting companies morphed over several decades into a few large, mostly publicly owned, computer-based organizations with dozens of lines of business exploiting information on most American consumers. The story comes with stars and villains (often the same business people), out-and-out crooks (identity thieves and credit repair clinics), would-be rescuers (legislators and regulators) and often-innocent bystanders (consumers). The growth of credit reporting also parallels the growth of the information economy in the last half of the 20th century and the integration of information technology into our lives. No one has written a proper history of credit reporting, and the subject cries out for serious treatment. Todayâ??s book is not that history, but it does offer a comprehensive current look at credit reporting and allied activities, together with some history and policy. Evan Hendricks, publisher of the Privacy Times newsletter and a longtime privacy activist, just published â??Credit Scores & Credit Reports: How the System Really Works, What You Can Do.â? Ordering details are at www.creditscoresandcreditreports.com or at Privacy Timesâ?? Web site, www.privacytimes.com. The bookâ??s main feature is an instruction manual for consumers on how the credit reporting system works. A credit report is a consumerâ??s passport to economic activities. Credit reports affect whether consumers can obtain credit, what price they pay for credit cards, car loans and mortgages, whether they can find employment or insurance and, maybe, whether they can get on an airplane. The book is a step-by-step, realistic guide to addressing credit reporting problems, with no hype or magic cures. Consumers have more rights than in the past, but it isnâ??t always easy to exercise those rights. Hendricks describes the system accurately, and he tells consumers what is and is not possible. Though all consumers will learn from the book, credit grantors and others who interact with the credit system as users of credit reports also will benefit from an overview of this ornate system of obligations and institutions.
Thanks Enigma. Although it could not possibly be an exhaustive study, looks to me like it would be 20 bux well spent.
Great book. I ordered it from Amazon. I find it strange that the author on the one hand maintains that credit repair organizations are bad, but then he essentially endorses one relatively unknown credit repair company based in Texas. Regardless, the author's organization, Privacy Times, is pretty impeccable and has always been a reliable source for consumer advocates. Moreover, the chapter on CDVs ("Consumer Dispute Verifications") -- i.e., how the CRAs conduct their investigations (or don't) -- is not only informative but a whole lot of fun too. Big A+. Doc
