Forum Post: 40 Million "Mistakes": Equifax, et al ~ Class War on the Credit Front
Posted 11 years ago on Feb. 11, 2013, 7:47 a.m. EST by WSmith
(2698)
from Cornelius, OR
This content is user submitted and not an official statement
60 Minutes: 40 Million Mistakes: Is your credit report accurate?
February 10, 2013 4:00 PM
A new study indicates as many as 40 million consumers have a mistake on their credit report and Steve Kroft finds it's hard to get them fixed. 40 Million Mistakes: Is your credit report accurate?
60 Minutes: http://www.cbsnews.com/video/watch/?id=50140748n
Consumer credit reporting is a four billion dollar a year industry dominated by three large companies: Experian, TransUnion and Equifax. They keep files on 200 million Americans and traffic in our financial reputations. They make their money gathering information from people we do business with and selling it to banks, merchants, insurance companies, and employers and they use it to make judgments on our creditworthiness and reliability. But now the reliability of the industry is being questioned in an 8-year Federal Trade Commission study to be released tomorrow. Jon Leibowitz is the chairman.
Jon Leibowitz: Here's what we found. Some pretty troubling information. One out of five Americans has an error on their credit report. And one out of 10 has an error on their credit report that might lower their credit score.
CONTINUED: <http://www.cbsnews.com/8301-18560_162-57567957/40-million-mistakes-is-your-credit-report-accurate/>
We regularly complain about WS and the Fed, let's also go after the Credit Reporting Agencies who are screwing us all the time!
Unaccountable Agencies (Equifax, Experian, TransUnion) gathering and selling information on all of us that often ruins our lives with little if any recourse!!! You talk about your "Death Panel, FEMA Camp Big GubMint"!!!??? From purchases to housing to jobs, these Private Pirates determine how you live... or if you live!!!
Will New Oversight of Credit Reports Stop Unscrupulous Debt Collectors?
Submitted by Robert Oak on July 17, 2012 - 3:01pm
The newly formed (by Dems and President Obama) Consumer Financial Protection Bureau will start to oversee the companies who generate credit reports on you. That's Experian, Equifax and TransUnion plus about 30 more.
This action can come none too soon. Unscrupulous debt collectors inaccurately report actions to credit reporting bureaus all the time, especially for Medical bills. Getting these illegal collections or inaccuracies and errors off of one's credit report is next to impossible. Credit reporting agencies simply do not respond it seems to challenges. Experian, as an example, doesn't even have a phone number! Of course you can sue them, but even small claims court is not for the faint of heart and it's not guaranteed one will win, even when being in the right.
One of the biggest problems turning up on credit reports are medical bills. Who does not know billing from Medical facilities is loaded with errors, duplicates and mistakes? Yet more and more Medical companies are turning into the sellers of debt and even bring debt collectors into the Medical practices themselves. That's sloppy, inaccurate medical debt, often for services subpar or not rendered. Literally the health care sector is in the business of selling debt, demanding loan shark interest rates, almost the minute you walk out the door from their facility.
Thanks for this post !!! I could not agree more that these agencies should not be allowed to exist it is truly a violation of our rights to be forced to travel through life with "papers please"
...another little know fact is that employers have agencies they report to to check on things like whether or not an employee has ever filed a disability claim even if it was something totally legitimate - there is no regulation on these types of agencies or regulations on the information they are keeping.
In example, I worked for a hospital corporation where an invoice for one of these disability informant services crossed my desk /it was checking on nurses applying for positions within the hospital system. I'm gathering there are no laws to say this should be an illegal practice discriminating against prospective employees for prior legitimate claims.
I myself also had to sign documents where I agreed to mediate if ever the company violated my civil rights or I was sexually harassed - superseding state law where I live. In other words you had to sign away your civil rights in order to work there and your rights to know that your employer must follow the law. These bastards were violating it left and right too - commenting on women's asses with their feet up on their desks while smoking cigars. "Just try to sue us honey we have our own legal department and you agreed to have us mediate the situation with mediators of our own choosing who work for us. heh heh heh now bend over for me would ya sweetie?"
This same type of thing is happening with apartments now as well and there is no recourse you can take to correct the incorrect information record - the record you never agreed someone could keep to begin with.
Heads they win, tails we lose!
It's Class War, and we're losing.
[Removed]
Has J. Edgar's Public Sector FBI gone Private Sector?
No oversight, no regulations, no funding trails, no auditing, no congressional approval, but lot's of unchecked "Liberties."
Modern day Peonage in the modern day Class War!
The main problem with medical billing is that medical practices/doctors who are under contract with medical management companies like Sentara, do not supervise their own billing. There are megacorps that do nothing but invoice for thousands of doctors across the country and manage their practices for them and I have dealt with several errors. I was very annoyed when I went to see a doctor for a checkup exam and was told that my price would be 180.00 for cash- which I paid immediately. a month later, I got a bill for 300 dollars from the corporation that handles Sentara's billing. When I contacted my doctor's office, they said that they have nothing to do with what their management company charges. Then what is the point of quoting a patient a price at all? It's truly criminal. This type of corporate behavior also leads to excessively inflated pricing. Insurance is absolutely the worst in terms of inflating prices. There's too many people who want a slice of the pie anymore.
This is why I really make an effort to stay away from doctors who belong to these medical management corps. I like doctors who practice independently.
As far as removing bad reports or expired reports on your credit report... Like they said, it's almost impossible. Let's say that there is something on there from ten years ago and since you have the right to have it removed after seven years, you try. In many cases, by even trying to remove it, you inadvertently reactivate the debt and will soon be receiving collection calls on that debt. You can't just remove anything on your own..you have to send a letter to the company and ask them to remove it. Yeah, right.
Who gave them this authority and what is the extent of the information on us they mine, warehouse and trade??
Report comes out today or tomorrow!!
The Patriot Act gave them authority on steroids. Medical visits and records are being used to spy on people...where they live, value of property, they google map homes, etc... anyone who regularly visits a doctor signed, at some point, a contract allowing them to do this via the Patriot Act.
What atrocities committed in the name of the "Patriot Act" will be a shame we won't fully realize for decades.
Evidence shows they had this plan On The Shelf waiting until a 9-11 happened!!
I wouldn't doubt that at all. If our leadership learned anything from history ( Rome) it's that " democratic" republics and crony capitalism don't work for very long so it's in the gov''ts best interest to plan for despotic rule even though that too will fail eventually.
Capitalism and democracy work well when they stay in their perspectives positions of a methods of an economy and government. Which requires participation, regulation and obedience.
But isn't that like expecting 16 year old teens to abstain from sex? We tell them to carry condoms and use birth control, we warn them of STD's and fatal diseases and yet, they cannot control their urges.
Scandinavia?
A not so clever way to destroy peoples lives. The credit agencies should be held accountable. Perp walk a few of their execs, & make them pay the individual ($100k) for each mistake. & see how quick the "mistakes" disappear.
Also any corps that use the ratings should be forced to allow for these possible error. A little flexibility folks.
Also stop using these error prone reports in employment.
Who gave them this authority and what is the extent of the information on us they mine, warehouse and trade??
It's all part of the plan to consign the 99% to indentured servitude, and wage slavery.
Who gave them this power? Our corrupt representatives.
The ones that the 1% owns.
It's Class War, waged by the 1%, via the GOP!
The GOP is unashamed of their anti 99% agenda. Dems have lost their spine in opposing the anti 99% policies.
Only recently have Dems begun to stand up. OWS has facilitated that dem evolution back to progressive principles.
We MUST NOT let up. Keep the pressure on ALL pols, & we may yet see real change the benefits the 99%.
I hope OWS has that degree of influence.
Cons are proud of their anti 99% agenda, Dems are hamstrung by Con sabotage, hostage taking and (worst of all) apathetic or petulant Voter turnout. Pouting Dem Voters fucked us good in 2010!! Elections have consequences!!
Unite, keep diligent, PARTICIPATE, and we have a chance to defeat the 1% and their GOP cult followers.
I agree dem turnout is critical. Cons have been suppressing dem voters very effectively in the past.
2010 was also 1st use (by repubs) of CU tactics. Dem party did not jump on that. That was a big loss. big mistake by the party.
We are back on track.
All we did was dodge a bullet and buy a little time. It only took about a year for newbies to be duped into pouting in 2010, it could easily happen again. Meanwhile Cons are gerrymandering their districts so hard, Voting them out will be next to impossible.
And this is what happened: http://occupywallst.org/forum/frontline-cliffhanger-2010-pouting-chickens-come-h/
I know. The work is tough. We will meet the challenge. The self destructive repub civil war should help.
FYI: http://www.youtube.com/watch?v=cOlznuyPOeM
No, you must be new to this (no offense). They do it all the time!
They are ZOMBIES!!!
That's all you need to know!
I understand. Thanks
You're welcome?
http://www.tumblr.com/tagged/re%20your%20brains
I'm not interested in borrowing money to pay interest
http://www.youtube.com/watch?v=cOlznuyPOeM http://www.tumblr.com/tagged/re%20your%20brains
Since it is our information, we should have free access to check the information and data used to verify our score. Dealing with errors can be time consuming process, especially when finding out at a time when the rating comes into play for a significant finncial event. On the other hand, institutions need to know ones ability to pay and that is fair, but only when information is truly accurate.
Unfortunately, they opperate like most private sector enterprises, tyrannically!!