A new government study has been released that indicates that as many as 40 Million people have mistakes on their credit reports. 20 Million of you have significant mistakes. Mistakes are nearly impossible to get removed from your records. Don’t be afraid to sue the credit Gods. They would rather pay you then clean up the messes. They make more money on bad reports than good credit reports. A settlement here or there means nothing to their bottom line.
Consumer credit reporting is a 4 Billion dollar per year industry dominated by the three large companies that I call our Gods. They keep files on 200 Million Americans that track our financial transactions. They make their money by gathering our spending information and selling it to people we do business with. Companies like banks, merchants and employers. They use the information to make judgments about our creditworthiness and reliability.
Federal law from the Fair Credit Reporting Act requires these companies to do a reasonable investigation into your possible errors being reported and they are doing nothing. Every day people are complaining about paid bills listed as delinquent or closed accounts listed as open or bad debts listed for other people with similar names or similar Social Security Numbers.
The operators that do answer a phone call to so called handle your dispute are likely from India or Chile. These are foreigners that even if you tried to subpoena them for a law suit would not and could not appear because they are foreigners. They are employees of the Gods hired as Dispute Agents and are required to talk to 90 dispute people per day.
They are NOT investigators, they have no way to investigate any claim, they cannot even call you back. They do not have dial able phones and cannot e-mail you back. They have no decision making power to agree with you that a mistake in your favor even exists. All they can do is read your dispute and reduce it to a 2 digit code that would indicate something like late or unsolved and sent back to the creditor like Macy's or whoever you owed money to and they were always favored and were right in claiming you owed them money.
Lawyers have sued on behalf of people seeking to clear the false statements on their reports. There is no way to get their problem solved. Just collect your settlement and buy stuff cash. Our government officials are doing nothing to get after the Gods. Yes, legal corruption exists and is thriving in this country right now.