Think the credit bureaus are on your side? Think again.
Every time that you apply for credit, they make money. The more times that you have to apply, which often happens when you have low credit scores, the more money they make. The credit bureaus also get paid by your creditors for the ability to furnish information to the bureaus on your accounts and they really, really like making money. Equifax’s net profits are typically a quarter to a half billion dollars every year. Yes – billion with a B!
The Atlanta Journal Constitution posted a good article on some of the problems consumers face when it comes to correcting errors on their credit reports. The headline in my opinion from this article come from a quote from Matt Litt:
“We’re not their customers,’’ Litt said. “We are their product.”
They also noted that Equifax has had lawsuits filed against them 4,000 times in the past 3 years. That seems low to me since A+ Credit alone has accounted for close to 300 in the past 3 years. We find an error on nearly every credit report we see. (Note – we will screen your report at no charge so just give us a call if you’d like us to take a look.)
Bottom line: we fight these billion dollar companies every day of the week, 52 weeks per year.