Consumers are struggling to keep their credit scores up in this economy, and it appears the credit reporting agencies are not making it any easier. The three major credit agencies, Equifax, Experian, and TransUnion produce billions of credit reports per year and of this mass amount of reports, an estimated 25 percent contain errors. The errors can be as minor as an incorrect name or birth date.
Consumers are filing complaints with the Federal Trade Commission, but changes to the system are slow to come. The complaints are citing a breach of the Fair Credit Reporting Act. The large amount of errors on consumers’ credit reports is especially troubling, as these are not only accessed by companies issuing credit cards, but also by banks, employers, insurers and many others.
The credit agencies reportedly hired a number of foreign workers to produce credit reports and pay them as little as $0.57 per hour. The Consumer Financial Protection Bureau has been made aware of this issue and is expected to take major steps in addressing the problem sometime this month. It is likely that lawsuits will be filed against some of the credit agencies due to this problem. Consumers are urged to keep a close eye on their credit reports and to report any errors to the Federal Trade Commission.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.
