Credit Bureaus Are the Enemy, Part 2

In my opinion, the credit reporting agencies are the number-one cause of identity theft. It is their failure to adequately investigate consumer disputes, which is a product of their greed, that enables identity theft to work. It simply would not work otherwise.

The credit bureaus don't want consumers to know about their rights, and there's plenty of evidence to support that claim. Just go to their Web sites and search their so-called education sections. They don't even list the word "reinvestigation" in their glossaries. You won't find the word "validation" or "verification" anywhere either. Nor will you find detailed information on the statutes of limitations on credit reporting. And you certainly won't find detailed information on how to improve a FICO score or one of the Big Three's proprietary scores.

Furthermore, here's what Experian's Web site says about credit repair clinics:

Some consumers pay so-called credit clinics hundreds and even thousands o f dollars to fix their credit report, but only time can heal bad credit. Experian credit reports contain easy-to-follow instructions for disputing information at no charge. Information proven to be inaccurate will be changed or deleted. Federal and state laws mandate the amount of time that various credit information remains on a credit report. If you need help repaying creditors, managing debt or setting up a personal budget, consider contacting a nonprofit credit counseling organization that offers budgeting and credit management training.

Only time can heal bad credit? That's simply not true. And notice Experian's careful choice of wording with regard to what federal law mandates with regard to "the amount of time that various credit information remains," subtly implying that not all information can be changed or deleted. As for the helpful suggestion about the so-called nonprofit credit counseling agencies, you might as well forget that; they're as crooked as anyon e, as you will soon learn.

Let's face it: the biggest threat cr edit reporting agencies face is an educated consumer, because each and every one cuts into their bottom line. Such a person, you are the last thing the bureaus want to deal with.

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