My guess it that it's a combination of datafurnishers providing it. It seems like anyone can report anything at all. There are no safeguards keep someone, anyone FROM INITIATIATING improper and incorrect reporting. When it's not the DF then the CRA's misapply, miscontrue or outright ignore correct information especially when the so called info trickles down from the main CRA office to the local affliliates. Also, the computer systems of the CRA's can't seem to correctly handle the volume of data they now receive. I think the real question (redundant times 1 million) is why does it take hours on leg work for the consumer to get it corrected?
We should all start reporting incorrect information on CRA executives, by mistake, of course. I think I'll go into the loan business, anyone like to 'borrow' some money? I will report to all three CRA's )
Maybe I will start reporting the loan I took from my 401k last year and paid back this year. No Lates Paid as agreed
1*Wonder where they dig it up from? 2*Rite: There are no restrictions & anything goes.What a free for all! 3*Why does it take us months to correct what they screw up instantly.Looks a little loopsided don't it?
1. Comes from poor/sloppy record keeping. Also selling/transfering acct info lessens the chance that accuracy will be maintained through each transfer b/c it gives each new company a chance to mess up. Also w/ some CA's downright maliciousness. 2. Agreed. 3. No real fear of repercussion if data is not corrected. CRA-just tell the consumer to contact the OC or CA. OC/CA-just tell the consumer to take it up w/ the CRA. After all it's not their rpt thats causing them to pay higher rates, get denied for credit, etc. No real recourse for consumers.Letters, calls, emails, faxes, whatever, unless you're willing to spend the time and money on a lawsuit. One of my main issues is that if CRA's advertise themselves as selling creditworthiness, they should make more of an effort to determine accuracy or their worthiness models are worthless.
