#creditreports — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #creditreports, aggregated by home.social.
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Lawmakers Demand Answers About Growing Number of Unfixed Mistakes on #CreditReports
found that 2 of the 3 major #creditBureaus — #TransUnion & #Experian — had substantially scaled back how often they provided relief to complaints filed through the #ConsumerFinancialProtectionBureau. The decline in relief coincided with the #Trump admin’s attempts to conduct mass #layoffs at the #CFPB & roll back much of its #oversight of the #financial sector.
#maga #privacy #financehttps://www.propublica.org/article/credit-report-mistakes-lawmakers-letter
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Lawmakers Demand Answers About Growing Number of Unfixed Mistakes on #CreditReports
found that 2 of the 3 major #creditBureaus — #TransUnion & #Experian — had substantially scaled back how often they provided relief to complaints filed through the #ConsumerFinancialProtectionBureau. The decline in relief coincided with the #Trump admin’s attempts to conduct mass #layoffs at the #CFPB & roll back much of its #oversight of the #financial sector.
#maga #privacy #financehttps://www.propublica.org/article/credit-report-mistakes-lawmakers-letter
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Sports Betting Is Everywhere, Especially on Credit Reports
#HackerNews #SportsBetting #CreditReports #Gambling #Economy #Finance
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Sports Betting Is Everywhere, Especially on Credit Reports
#HackerNews #SportsBetting #CreditReports #Gambling #Economy #Finance
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@camless You're welcome. And if people have children or relatives who may not know about this, you may want to check for them and opt them out of nationalpublicdata.com, too (see https://nationalpublicdata.com/optout.html).
Then also help them create security freezes.
Parents of young children: Check to make sure your kids' info isn't in the nationalpublicdata.com site. Opt them out if they are. Then:
Your kids should not have a credit report unless you authorized them to use a credit card or something. But they may also have a credit report if their identity info was obtained and misused.
Check to see if they have a credit report by contacting the major credit reporting firms. You may have to mail the request for Equifax, but you should be able to check online for Experian and TransUnion .
To be proactive: freeze your young child's credit report.
#security #creditreports #Experian #TransUnion #Equifax #NPD #optout
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@camless You're welcome. And if people have children or relatives who may not know about this, you may want to check for them and opt them out of nationalpublicdata.com, too (see https://nationalpublicdata.com/optout.html).
Then also help them create security freezes.
Parents of young children: Check to make sure your kids' info isn't in the nationalpublicdata.com site. Opt them out if they are. Then:
Your kids should not have a credit report unless you authorized them to use a credit card or something. But they may also have a credit report if their identity info was obtained and misused.
Check to see if they have a credit report by contacting the major credit reporting firms. You may have to mail the request for Equifax, but you should be able to check online for Experian and TransUnion .
To be proactive: freeze your young child's credit report.
#security #creditreports #Experian #TransUnion #Equifax #NPD #optout
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#Trump has fired the director of the #Consumer #Financial #Protection Bureau, #RohitChopra, in the latest #purge of a #Biden admin ofcl.
Chopra was one of the more important #regulators from the previous admin. Chopra’s tenure saw the removal of #MedicalDebt from #CreditReports & limits on #overdrafts #penalties, all based on the premise that the financial system could be fairer & more competitive in ways that helped #consumers.
#TrumpCoup2 #GovernmentOverthrow #law
https://apnews.com/article/trump-chopra-consumer-financial-protection-bureau-47b6b39d0eff05ea0c9bca4eacf55b79 -
#Trump has fired the director of the #Consumer #Financial #Protection Bureau, #RohitChopra, in the latest #purge of a #Biden admin ofcl.
Chopra was one of the more important #regulators from the previous admin. Chopra’s tenure saw the removal of #MedicalDebt from #CreditReports & limits on #overdrafts #penalties, all based on the premise that the financial system could be fairer & more competitive in ways that helped #consumers.
#TrumpCoup2 #GovernmentOverthrow #law
https://apnews.com/article/trump-chopra-consumer-financial-protection-bureau-47b6b39d0eff05ea0c9bca4eacf55b79 -
@Walker I decided to freeze all of my #CreditReports today.
I had no problem getting into my #Experian & #Equifax accounts to do that but, I didn't have an acct with #TransUnion yet & had a big problem setting one up & logging into it.
So, I decided to call TransUnion to set up the freeze instead. It was a fully automated process & was quite simple. I hope that the process to unfreeze the report with TransUnion by phone will be just as easy.
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Reporting false information on a credit report violates the FDCPA, the federal law governing debt collection.
And when they break the law, you can sue, wipe out the debt, and put money in your pocket.
Because when debt collectors break the law, they owe you money, not the other way around.
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Reporting false information on a credit report violates the FDCPA, the federal law governing debt collection.
And when they break the law, you can sue, wipe out the debt, and put money in your pocket.
Because when debt collectors break the law, they owe you money, not the other way around.
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Pull all three of your credit reports. Look at everything the debt collector is saying about the account: balance, date of last payment, date the item will be removed, and so on.
If the debt collector is reporting the truth, all three reports should match.
If there's a difference, they've lied to someone.
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Pull all three of your credit reports. Look at everything the debt collector is saying about the account: balance, date of last payment, date the item will be removed, and so on.
If the debt collector is reporting the truth, all three reports should match.
If there's a difference, they've lied to someone.
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My favorite way to catch debt collectors in a lie is by playing a simple kid's game:
"One of these things is not like the other."
It's easy.
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My favorite way to catch debt collectors in a lie is by playing a simple kid's game:
"One of these things is not like the other."
It's easy.
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But the report itself isn't proof about what you owe. It's just a report. And it would be hearsay if someone tried to use it to prove whether you owed anything.
And lots of real debt might never get reported. And there are lots of reasons a legitimate debt might get removed.
So just because something falls off the report, that doesn't mean someone won't try to collect it from you.
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But the report itself isn't proof about what you owe. It's just a report. And it would be hearsay if someone tried to use it to prove whether you owed anything.
And lots of real debt might never get reported. And there are lots of reasons a legitimate debt might get removed.
So just because something falls off the report, that doesn't mean someone won't try to collect it from you.
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When a debt falls off your credit report, do you still owe it?
I get this question a lot, and it shows that a lot of people still get confused about the overlap between credit reporting and debt collection.
It's true that a collection must come off your report if you don't really owe it. For example, if you go to court and prove it's not your debt, any debt collector that reports it after that is almost always breaking the law.
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When a debt falls off your credit report, do you still owe it?
I get this question a lot, and it shows that a lot of people still get confused about the overlap between credit reporting and debt collection.
It's true that a collection must come off your report if you don't really owe it. For example, if you go to court and prove it's not your debt, any debt collector that reports it after that is almost always breaking the law.
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Which one works best for you? It's going to depend. And for that, you might want to get professional advice on how to best prepare yourself for the possibility of filing a lawsuit.
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If you're dealing with the second, you might need to show that the bureau has a pattern or practice of ignoring your disputes. This means multiple rounds of letters, lots of documentation, and possible several months of preparation. And again, if they fix it, great, but after several months of stiff-arming you, they might have to pay a significant price.
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Second, minor or intangible damage, like emotional stress or embarrassment. It's hard to put a price tag on this. Also, if this error is surrounded by other negative, but correct, information.
If you're dealing with the first, a single dispute letter may be enough. If they fix it, great. If they don't, start getting ready for battle.
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First, major and measurable financial damage. If uncorrected, this error would cause you significant financial harm that you can calculate with basic math. For example, if the error causes you to be denied for a refinance on your mortgage, leaving you with a higher interest rate than you'd get without the error.
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And the only way to do that is with a lawsuit. (No, the CFPB won't get involved in your individual dispute.)
So before you send out your dispute letter, you need to figure out what plan will give you the most leverage.
And that comes down to two scenarios:
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Although federal law requires credit bureaus to respond to any dispute in good faith, they don't always live up to that ideal.
Sometimes you have to make them do the right thing.
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You've pulled your credit report, you've found the mistakes. What do you do next?
Once you've found something on your credit report that's incorrect, obsolete, or incomplete, it's time to take action.
But which action you choose needs to keep the end in mind.
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If you find any inconsistency, that is something you can legitimately dispute.
And if they refuse to investigate, and refuse to fix the mistake, they are liable for any damages you suffer.
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• Compare it to your bank records. Do the payment amounts match? Do the dates match?
• Compare it to your account statements. Do the balances match? Do the dates match?
• Compare it to your other reports. Do your reports show the same dates, balances, and status across all three major reports?
• Do you have reason to believe someone else's information is in your report?👇
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• If a balance or payment amount is incorrect
• If a date is wrong.
• If the status of a loan (i.e. "charged off" or "30 days late") is incorrect
• If it's not your loan to begin withHow can you tell if the information in your report is wrong?
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And the bureau must investigate, and either correct it, or delete it.
So what kind of mistakes violate the "maximum possible accuracy" standard?
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"Maximum possible accuracy" is the standard your credit report is held to.
That means if your report has information that isn't correct, you have a right to dispute that incorrect information.
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If a negative account on your report is missing a critical piece, you'll have the right to challenge it and get it either corrected or removed.
Tomorrow, we'll talk about inaccurate items on your report.
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Sometimes you'll see that some of the fields are blank. And sometimes, those blank fields are items they MUST have in their file. Like we talked about yesterday, they MUST have a Date of First Delinquency on a collection account to determine when it must be removed.
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When you look at your credit report, you might find multiple items that seem incomplete. For example, most types of accounts will list several items that ordinarily report, like balance, date of last payment, and account status.
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If it's incomplete, they must delete.
The law concerning credit reports, the FCRA, allows you to dispute "any item of information" that is "incomplete." Once you dispute, the bureau has a duty to investigate that incomplete information and either correct it, or if they can't correct it, delete it from your report.
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If you have an account on your report that should be removed, you can dispute it.
If your report doesn't have the DOFD or removal date, or the date is wrong, you can dispute that, too.
We'll talk about disputes shortly.
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It seems like getting one's annual credit report via https://www.annualcreditreport.com/ is pretty broken. I've ended up creating accounts with the Big Three, which seems viable so far.
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#IdentityTheft Bypassed #Experian Security to View #CreditReports
#cybercriminals could trick Experian website into allowing them access to any user’s credit report simply by editing the address in the browser URL bar during the verification process
https://bit.ly/3CE92fn -
#IdentityThieves Bypassed #Experian #Security to View #CreditReports – #KrebsOnSecurity
"Identity thieves have been exploiting a glaring security weakness in the website of Experian, one of the big three #consumer #credit reporting bureaus. ... All that was needed was the person’s name, address, birthday and Social Security number."
