What’s Wrong With Trusting The Credit Reporting Agencies (Equifax, Experian, and Trans Union)?

It would be great to think that the credit reporting agencies — Equifax, Experian, and Trans Union — were concerned about making sure our credit reports were accurate.

If it’s true, then we could trust them.

It is not true.

They are not concerned with your credit reports being accurate.  

What are they concerned about?

Keeping their customers happy — their customers are the “furnishers” of information.

Bank of America.

Chase.

Capital One.

The debt collectors and debt buyers of the world who credit report on you.

Now, those customers want the credit reports to be accurate except when it comes to their own reporting.

You see — for example, Bank of America — is not concerned about reporting accurately on you.

If you know Bank of America is falsely reporting, then you would think Bank of America would be quick to correct it.

They are not.

They assume you are lying.

To add insult, they assume you are wrong.

So they tell the credit reporting agencies to keep the false credit reporting.

But the credit reporting agencies won’t accept this, right?

Sorry.  The credit reporting agencies accept whatever the furnishers tell them.

We have a case with Experian right now where a judge said our client does not owe a debt.

So our client disputes with Experian.  Experian keeps it on the report.

Our client calls Experian “Hey, the judge said I don’t owe it.  Why are you keeping it?”

Experian says “Because the bank says to keep it.”

Shocked, our client says, “So you will ignore what a judge in Alabama says and you will believe the bank?”

Without any shame, Experian says “Yes we will.”

Not much more to say, is there?

At this point, the time for talking is over.

The time to sue has come.

Get in touch with us if you would like to chat.

If you are interested in talking to us about your situation, simply call us at 1-205-879-2447.

Or, you can fill out our online contact form.

Thanks for reading, and have a great day!

John Watts