60 Minutes on Credit Report Errors

**neatdesign** · 02-10-2013, 04:24 PM

Yeah -- I knew the whole credit reporting industry was screwed up, but that "60 Minutes" report was pretty frightening.

For anyone who missed it, it's worth viewing -- or reading, in this case: 40 Million Mistakes: Is your credit report accurate?

Scary stuff.

**segmond** · 02-10-2013, 04:50 PM

I haven't looked at my credit report in 6 years, and I doubt I ever will. I plan on living a credit free life forever. If I haven't earned it, I'm not going to buy it. Credit is DEBT. The very word "credit" makes it sounds like you have a positive thing going for you. "You have a good credit" What credit? If credit was renamed debt potential perhaps people would wise up a little bit, the power of words can be very misleading. Part of being frugal and saving is never using credit/borrowing/debt.

**snafu** · 02-11-2013, 08:02 PM

Whether you use CC or not, have ever had a bank loan, car loan, or mortgage ...unless you've just graduated from college, you likely are listed with one of the Credit Reporting Institutions. Telephone and utility providers report on request and it is becoming common for employers to check credit ratings before hiring and even before offering promotions. It's recommended that you check your report annually [free] to ensure there is no incorrect information or muddle. Most people learn about a problem after they've been rejected.

**bjl584** · 02-12-2013, 03:55 AM

I saw that report. They basically made the case that if there is an error you can't get it fixed. I've heard other reports say that the credit agencies are responsive to errors and will correct them fairly quickly. So, I don't know what to believe.

**neatdesign** · 02-12-2013, 04:26 PM

Originally posted by bjl584 View Post

I saw that report. They basically made the case that if there is an error you can't get it fixed. I've heard other reports say that the credit agencies are responsive to errors and will correct them fairly quickly. So, I don't know what to believe.

What I found unsettling -- VERY unsettling -- was the discovery that the credit bureaus give creditors a different version of your credit report than the one they give to you.

Why have two different versions of the same report -- whether it's a credit report or any other kind of report? It's duplicate work, and it doubles the chances that a mistake will be made. Honestly, I can't think of a single reason for it.

That's what was so frightening about that one woman's experience highlighted on 60 Minutes: When she looked at her credit report, everything looked fine -- not realizing that her potential creditors got a different version of it which was riddled with errors and possibly fraudulent activity. Even if the credit bureaus do a great job at promptly correcting errors, how can consumers pursue such corrections if they are literally blind to the fact that those errors exist AND aren't given access to the information needed to fix them!?

How is this not illegal?

I'm writing my senators and congressman about this; this is outrageous.

**breathemusic** · 02-13-2013, 07:41 AM

I actually just pulled all 3 of my credit reports on Monday and had a few rather insignificant errors that I was able to dispute right on their website. I removed some random address that wasn't associated with me on one report. On another it showed a very brief credit history for a card that was actually my mom's card and her SS#, that years ago accidentally got opened with my name and address but her SS# (weird situation). It wouldn't let me remove the wrong SS# online but I called in and it was fixed right away, no problems.

Now the real question I wonder about is whether the things that you update actually stay fixed or if the old data just shows back up if the creditor never corrects the issue in their own records that the credit agencies pull from. Or is that maybe part of what the show discussed?

**Copper** · 02-13-2013, 07:49 PM

Thanks for sharing this thing. I didn't know about it actually

**mom-from-missouri** · 02-13-2013, 08:10 PM

We were victims of identify theft 8 years ago. We have fixed our report over and over and over and sent in proof, police reports, letters, certified letters, demands and even had an attorney.

The false info is STILL on our report. The business about stuff dropping off after 7 years, well, its been 8. Still there. The person who did it already has served jail time and been released, and we still pay with our credit rating.....

**elfen lied** · 03-02-2013, 10:21 PM

Credit reporting companies are in cahoots with the banks. Their job is to sell information, not make sure your credit's being reported correctly.

60 Minutes on Credit Report Errors