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Some Dirty Facts on the Credit Bureaus
Dirty Facts on the Credit Bureaus
old credit bureaus; now there’s something you associate with words like:
honorable, integrity, safe, organized, basically looking out for the average
Joe...Oh, wait a minute, that’s nowhere close!
Bureaus, specifically Equifax, first entered the scene in 1899. They have
operations in forty countries and have annual revenues in the multiple
billions; all while servicing a billion individual files. Experian is the only
one based overseas, in Dublin, Ireland.
60 years in business Equifax was continuously being shaken by scandals and it
was eventually revealed that it was running a cash-incentive program to reward
employees for uncovering negative information about consumers. The good news
that came out of this unethical scenario was the Fair Credit Reporting Act
(FCRA). It was created to provide a layer of protection for the consumer. This
is still the same law that we operate under, and uphold to the nth degree, to
provide our clients with the service they deserve.
so there are some shenanigans, but at least the bureaus protect our information
right? Not if you asked Hieu Minh Ngo which, incidentally, is hard to do as he
is currently behind bars as of July 2015 in Vietnam for stealing 200 million
identities of American Citizens. This crime was only able to occur because Experian’s
subsidiary and data aggregator "Court Ventures" sold Mr. Ngo
personally identifiable information. Then Mr. Ngo resold the information
through identity-fraud-enabling websites - like Findget.me - where you can
purchase, SSN, DOB, DL, bank-account information, even mother’s maiden names and
passwords. "Thanks Experian, we love you too!"
you have Transunion whose number 1 complaint is suckering customers into a bad
version of a credit report & score for $1; only then to be automatically
charged $17.95 a month because they entered into a microscopic contract where
you need a telescope to see the fine print.
these bureaus are not in your corner, but we are; so please call us today at 303-531-0411 or send us a quick e-mail below to get started!