Do Credit Reporting Agencies Care About Errors?

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We read with interest an article by a mortgage company president who stated:

Of interest is the fact that these three major credit bureaus are not government-owned. They are huge multimillion-dollar corporations reporting primarily to, and mostly for the benefit of, creditors.

They are virtually unregulated and have no obligation to ensure that what they report about your credit history is either accurate or up to date. They are in business to make money and they do this when you apply for credit and your credit history is researched by a potential lender.

The fact is, the bureaus would rather you have less than perfect credit because the likelihood of you applying for credit increases tenfold when your credit is less than solid. Again, the bureaus make money when your credit is pulled.

A study by consumer activist Ralph Nader showed that 70 percent of credit reports in this country contained errors, and 50 percent of these errors caused loans to be denied, or at best caused the borrower a higher interest rate.

Well said. You can read the rest of this article by visiting http://www.timescommunity.com/site/tab2.cfm?newsid=18256580&BRD=2553&PAG=461&dept_id=506073&rfi=6

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