Well, In My Opinion The Credit Bureaus Will Not Want You To Know This Information

Category: Finance, Credit.

Well, in my opinion the credit bureaus will not want you to know this information.

However, what you don t know can hurt you to the tune of a bunch of money. Those companies and the big money banks working with them would like you to keep thinking what you think and believing what you believe. No one wants that. And then, there, of course s the real truth which I ll shortly elucidate. Where credit bureaus are concerned, there are essentially two sets of" truths. " On the one hand, there is the fairly meaningless happy patter they want you to believe, which you can find repeated in just about every credit- related book and Internet site. So what are the current beliefs? Let s get you back up to speed on the truth and save you some of your hard earned cash in the meantime.

The point of this message is to wipe away the accepted norm that has been created by our friends TransUnion, and Experian, Equifax. Myth: There are three official credit bureaus, and these beloved and vital American institutions maintain accurate records regarding the financial lives of every adult citizen. That myth is so riddled with falsehood I m not sure what to tell you first. Where do I start? But I ll give it a go. Actually, the only reason such corporate behemoths now dominate the landscape is because their progenitors simply managed to swallow up each other as they battled for preeminence through the decades. First, the so- called" big three" consumer reporting agencies with which most Americans are familiar" Equifax, and TransUnion, Experian" truly want consumers to believe that they ve each been blessed with a sanctioned franchise.

Greed, paved their way, not official dictum. You should also be aware of the fact there are some new bueaus working very hard to work they re way into the system and move the big boys aside, which would be to all of our betterment. Even if you didn t click the historical link in the previous sentence just now( and missed out on how, the company which, for example became Equifax once used Welcome Wagon ladies to spy for them) , suffice to say there is hardly anything" beloved" about these privacy- busting companies. Did you know anyone could start their own credit reporting company and greedily grab all kind of private information from the people around us? There are laws that limit this, but no one can stop you from getting into the business in the first place. Then it gets better because now you sell this information to the highest bidder. So contrary to the prevailing perceptual reality, there are no official bureaus.

Put bluntly, no law mandates a credit report s existence, and such documents deserve as much respect as" The Weekly World News" supermarket tabloid or any other similarly unproven list of allegations. And while most Americans perceive their credit reports to have at least the same legal standing as their driving records, the truth is that the government had no role in establishing the for- profit companies which produce them. And also please don t believe these companies are worrying at night about how accurate your information is. Rumor has it that there have been several studies done showing many of our credit reports have errors in them.

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