My credit report is messed up, what can I do?
The Fair Credit Reporting Act was supposedly designed as a recourse for you to correct inaccurate information on your credit report . Unfortunately, the three major credit reporting agencies, Experian, Equifax and Trans Union are ignoring the law with impunity. A recent study, as reported on 60 Minutes, showed that 20% of the 200,000,000 million people who have credit scores in the US have an error in their credit report. Additionally 10% have an error serious enough to adversely affect their credit score.
Your Credit score can affect your ability to get a loan, a mortgage and even a job as many employers now use your credit report as part of their background check.
What can you do short of hiring a lawyer and spending a great deal of money and time to fix this problem. There is no incentive for these companies to assist you in sorting out any credit errors you may legitimately have. You are NOT their customer. It is less expensive for these agencies to pay legal fees for the few people who do end up filing a law suit, then to assist each consumer who has a claim.
This is a systemic issue and you will need help from the government. If you have gone to the credit reporting agency with documentation of the error in your report and have received no satisfaction, here are the steps we recommend:
1) Send the documentation along with a letter explaining your problem to your State Attorney General, the US Attorney General (Eric Holder), your congressman, both of your Senators, your state assemblyman and state senator. In the letter be sure to mention that you feel this is a systemic flouting of the law and that only action on their part will resolve this.
2) Post your problem on your Facebook account and let all of your friends know. Ask them to join you in partitioning the government on this.
3) Send a tweet with the hash tag including the credit reporting agencies name in the hash tag.
4) Tweet about any positive responses you get from your elected officials.
This is not going to be an easy problem to resolve or one that will be settled quickly. The only way it will get fixed is if enough of us who have been affected by this make it a cause we are willing to fight for and we make it unprofitable for the credit reporting agencies not to obey the law and continue to ignore it.