Credit Reporting Agency Reposi

Discussion in 'Credit Talk' started by Michael H., Sep 13, 2000.

  1. Michael H.

    Michael H. Guest

    I was amazed recently when applying for a mortgage that my credit score was too low. The mortgage company sent me a copy of the credit report they received and I found that out of 51 entries, 20 of them were incorrect or not mine. Of course,it has been my resposibility to correct all of the mistakes of the 3 reporting agencies by filing disputes with each and checking with each of the accounts to make sure the truth was reported. In the case of one account, a credit card with a bank, the account had been closed in 1992 though all three CRAs report it as open and current as of the date of the report. I called the bank and they said that there is no way the CRA's had checked this account as it has been closed for so many years.

    I find it disgracefull that CRAs are allowed to publish whatever they wish (obviously without even checking),sell the information and it is my reposiblity to correct their work. It has cost me enormous amounts of time, telephone calls and the inability to get a mortgage in a timely fashion, not to mention impuning my credit worthiness. Why are CRAs not required to check all information that they sell to others to make sure it is true and up to date? They are making the money at the expense of the average consumer.

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