Although the FCRA currently DOES NOT require CRAs to verify info at the time it is placed on the report, it does require them to verify if the consumer disputes it. This places the burden of maintaining accuracy on the consumer. Generally, I'm OK with this becasue it give me some control. HOWEVER, given the fact that Innovis is getting into the game, it stands to reason that others like them will follow and instead of having 3 CRAs to deal with, it is possible we will have to deal with 4,5, 6, 10 or whatever sooner or later. HOW DIFFICULT WILL THAT BE? Would we be better off if the FCRA was ammended to force CRAs to verify data prior to allowing it to be entered on your report? Would this work in our favor?
The problem is, is sometimes when we request the CRA's verify, they don't even do it then. We can't rely on them to take it on themselves to verify. The creditors pay them for use of the service, the CRA's are not gonna screw over their paying customers, rather they will screw the consumers trying to make them do their jobs.
Good point, KHM, but don't we as consumers have power over the creditors? True, this does seem like a long shot, but if no one applies for loans or credit cards wouldn't that hurt the credit card industry/banking industry? The problem we have today is there is always someone who is willing to settle for something less. This is why so many "bad banks" are still in business. I think we have a lot of leverage as consumers, but we need to come together. There is power in numbers. Dani
Breeze, I sent crmedsearch an email on Jan. 20. They just responded this morning. My email was something like, if you are collecting info, you must be a reporting agency. If a reporting agency, you must be FCRA compliant. That being the case, how do I get copies of any and all info maintained on me? The response was for me to call a long distance # and they will explain their program to me.
I'm on the phone with them now. I asked if they are FCRA compliant. They are stammering all over the place!
The crmedsearch folks couldn't answer my questions. They said the person who could will be in in the morning. They asked if I was a physician and I said, "Nope, just a concerned consumer.".
These problems discussed in this board will continue as long as consumers fail to stand united. It's time the business community stopped biting the hand that feeds them.
