Maybe the fact that there is so much bad information in thes databases is due to the fact that the credit reporting agencies have no accountability for the accuracy of the information they provide. If they had some financial liability for times when credit was denied based on inaccurate information, they'd do a better job of checking it out. How about $1000 for every credit refusal? Right now they don't really care, and will put anything they dig up in your credit file. And why should they? You're the one responsible for finding errors - usually when you get an unpleasant surprise when applying for credit. Then you have to notify them, get the error fixed, and apply all over again.
I don't kid myself into thinking this will ever happen. The credit reporting agencies are perfectly happy with the status quo; they can screw with people's lives, and never be held accountable financially.
Slashdot Mirror
Maybe the fact that there is so much bad information in thes databases is due to the fact that the credit reporting agencies have no accountability for the accuracy of the information they provide. If they had some financial liability for times when credit was denied based on inaccurate information, they'd do a better job of checking it out. How about $1000 for every credit refusal? Right now they don't really care, and will put anything they dig up in your credit file. And why should they? You're the one responsible for finding errors - usually when you get an unpleasant surprise when applying for credit. Then you have to notify them, get the error fixed, and apply all over again.
I don't kid myself into thinking this will ever happen. The credit reporting agencies are perfectly happy with the status quo; they can screw with people's lives, and never be held accountable financially.
Just a thought;
Antisocial