Is Someone Finally Standing Up to the Credit Bureaus?

Credit Bureaus May Have To Take Accountability at Last

If you're one of the many people who have inaccurate information on your credit report, you're definitely not alone. The credit bureaus report inaccurate information about millions of people each and every year. Unfortunately, getting your good name cleared isn't always as easy as pointing out the credit bureaus' mistakes. If certain lawmakers get their way, that's all about to change.

How Serious Are Credit Bureau Errors?

It's definitely not a pretty situation. Some sources state that 1 in 4 credit reports have errors that could potentially result in an applicant being denied credit. If correcting those errors were as easy as spotting them, we'd have no problem. Unfortunately, those same 1 in 4 people find that getting rid of the errors the credit bureaus are publishing is kind of like beating a menacing giant with a little stick -- it gets you no where.

What's the Problem?

Well, the problem seems to be a lack of motivation on the part of the credit bureaus to provide accurate information. After all, they don't get paid to be accurate -- they get paid to provide reports. Whether those reports result in inaccurate information really doesn't affect the credit bureaus one way or the other.

What's This Have to Do With Identity Theft?

If you're the victim of identity theft, your credit report is likely to get hit with some serious bruises. You may have paid every bill on time throughout your entire life, but the moment that inaccurate identity theft information shows up on your report, you're suddenly a credit pariah and no one wants to touch you. This doesn't only add insult to injury, but it makes life necessities, such as buying a car or a home, nearly impossible.

Changes on the Horizon

If lawmakers have their way, the credit bureaus are going to have to correct their erroneous ways. Stricter regulations will be in place and credit bureaus will have to abide by laws that will require them to not only provide accurate information, but to ensure that inaccurate information is easier to dispute and resolve. Until then, consumers are left fighting a broken system that really doesn't seem to have their best interests in mind.

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