All Americans are at the mercy of these credit reporting agencies. The information on your credit report affects how much interest you pay on credit cards, mortgages, and often determines whether you can even receive a loan at all. It is one of the most important keys to your financial security.
When misinformation is posted on your credit report, it is nearly impossible to fix the problem. One would think that because these agencies are regulated by the Federal government, there would be protocol in place to protect the average consumer when misinformation is posted. However, this is nearly ever the case. The main problem with these companies is that they are too big and grossly managed. They tend to outsource a lot of their work, which causes lots of problems.
Below are a few links on the Equifax case.
http://abcnews.go.com/Business/equifax-loses-186-million-lawsuit/story?id=19803421
http://finance.yahoo.com/news/woman-18m-because-credit-report-222728563.html
Most of the time, misinformation is posted because of an identity theft. One of the most important things the average consumer can do to protect themselves from this type of abuse is to monitor their credit reports.
I represent individuals who have been the victims of identity theft and credit reporting negligence. If you have been a victim of identity theft, or have misinformation reported on your credit report, please contact me at booths@pittmandutton.com or toll free at 1-866-515-8880.
