Equifax Data Breach

New York Consumer Law Blog

Friday, September 9, 2016

How the careless errors of credit reporting agencies are ruining people’s lives: Their files are full of obvious mistakes that the companies are in no rush to correct.

From the Washington Post: 

According to the Consumer Financial Protection Bureau, Equifax, Experian and TransUnion, all credit-reporting agencies, are the three most-complained-about companies in America. These companies furnish reports for landlords to examine tenants, for banks to analyze borrowers, for insurance companies to figure out monthly rates and for employers to probe the backgrounds of potential hires — so they wield serious influence over our financial lives and futures. But since 2012, according to the bureau, there have been more than 158,000 complaints against the three agencies, 80 percent of which were about incorrect information on credit reports. The agencies’ “primary duty is to make money,” says Chi Chi Wu, a lawyer with the National Consumer Law Center . “The consumer is not their customer. The consumer is their commodity.”

 Read more at: https://www.washingtonpost.com/posteverything/wp/2016/09/08/how-the-careless-errors-of-credit-reporting-agencies-are-ruining-peoples-lives/?utm_term=.dd9316deaa42 

 If you have mistakes on your credit report, the Fair Credit Reporting Act entitles you to a corrected report and compensation. Consumer attorneys can help you and in most cases, you won't be responsible for your attorney's fees. Get in touch with us: nyconsumerlaw.com/lawyer/Credit-Report-Errors_cp16177.htm


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