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NO surprise here for anyone who has dealt with the credit rating agencies and tried to get something corrected. Talk about a labyrinth!
I'd be willing to bet $1,000.00 that more than 90% of these errors caused LOWER credit scores. And I'd bet a heckuva lot more if I had the liquid capital right now to do so.
When you find that some error has occured against your rating, then try to find someone that will talk with you. Someone with some authority to clean up the mess. The real trouble is that many of those agencies have many of their people in India and other places half-a-world away. And many of those have no power to do anything except to keep you in the dark for years. This needs our government to move on this and find out the reasons for the messes.
"The FTC says the findings underline the importance of consumers checking their credit reports.".......According to the study as well as the 60 minutes report on this last weekend, nearly ALL errors challenged by consumers were ignored by one of the big 3 credit ratings agencies. The big 3 have a monopoly on credit reporting and are under absolutely no oversite by ANYONE.
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