Forum Post: Credit Bureau's under the (mis)management of the FTC and OCC control your individual desitinies

The middle class is held hostage by a floundering system that is ultimately controlled by a banking lobby that has enormous influence over the Federal Trade Commission and the Office of Comptroller of the Currency, that in turn have oversight of the credit reporting bureaus. It is in the bank's best interest that so much weight is placed on one's FICA score, and that errors are nearly impossible to correct in any kind of timely manner. Has anyone out there tried to work with Equifax, TransUnion, Experien? Seriously, try calling them. I was somehow mistakenly connected to a deadbeat with my same name that lives in Boston. I have never been to Boston. I have always lived in Denver. After nearly a year, I was able to remove his address from my file, but from a credit standpoint, I still suffer from his mistakes.

Yes, there are those who uneducated and clearly do not know how to manage credit. There are also those who knowingly misuse credit and just don't care. But I have to imagine are huge numbers of individuals that are responsible and trustworthy yet have inaccurate or outdated information in “their file”. A file that has the power to determine one’s financial destiny. This information has the power to determine whether or not you own a home, a decent car, or even get that job.

Then, check this out. These conglomerates sell the information in your file to companies that want to “help” you correct the problem….for a fee. And who do you suppose owns interest in the companies that want to help (and charge you a fee) to correct the issues? Well sure, it’s the very same people who refuse to loan you money at a decent rate for your home, because your score is low. It’s one big shell game.

This system is a joke and a blatant misuse of corporate and government control and power and I can’t believe that it is allowed to exist in this fashion. Is this the best this country can do?

Does anyone else see this as crazy? Can this movement include something like this in the list of things to correct?