• Report: #90275
Complaint Review:

TransUnion, Equifax & Experian

  • Submitted: Wed, May 05, 2004
  • Updated: Wed, August 04, 2004

  • Reported By:Branson Missouri
TransUnion, Equifax & Experian
Chester, Pennsylvania U.S.A.

TransUnion, Equifax & Experian These Companies Are Ripp-Offs. Making Money On Us Without Providing Service Chester Pennsylvania

*Consumer Suggestion: also about your credit report fees

*Consumer Suggestion: Have you tried these remedies?

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OK America, it's time to fight back! These "big 3" credit companies are ripping us off and controlling our lives. They are making millions of dollars by selling your credit information to creditors. They make no money providing any services to you.

In fact, providing services to the consumer costs them money and they do everything they can to avoid you the consumer who is trying to clear up your report. They have hidden themselves behind a vail of websites, voicemail, smaller credit reporting agencies and federal laws.

You cannot talk with a live person from any of the "big 3" nor can you accomplish anything in a timely manner. They hide behind the "fair credit act" and send you mostly meaningless responses that take a month to get. We must band together and in-act legislation that gives us the consumer control over them as opposed to the way it is now....They Control Us! Here is my story and I know I am just one of thousands.

In January of 2004 I called my morgage broker to initiate refinancing my home. The next day, she called back and said my credit scores from the big 3 were 0...That's right 0!

She and I both new that was impossible as I had just purchased my home in Oct. of 2002 with a credit score then of 660. Since then, my credit score should have steadily improved as I had 15 months of excellent on time payments to a variety of creditors including GMAC, Ford Motor Credit and others.

When I tried to inquire as to why....the B.S. started. First, by law, I was entitled to a free report because my credit was denied. None of the "big 3" would allow that. I had to buy my reports at 9.99 each online. They allowed that! Then after purchasing my report from Experian online, they would not allow me to dispute it online.

This was their reply "We are unable to allow access to our online dispute service. We understand that the privacy and security of your information is important to you; therefore, we cannot provide a specific reason as to why we cannot allow access." Is that a bunch of crap or what? The whole reason I purchased the reports (even though they should have been free) was to expedite the process as I am trying to lock in a lower re-fi rate. The process stalled as i was unable to breakthrough their vail of voicemails. I had to snail mail my complaints to them. I was unable to change anything on my report. I was unable to refinance my home costing me thousands of dollars in interest savinfg and lowered monthly payment savings.

I am still denied credit anywhere I apply. Oh, that's not tru, Dell offered me a computer at 27% interest. It will take me literally months if not years to get any help from the "big 3". They blame everthing on others. They say my creditors are not reporting correctly. I say B.S. They say I don't have any credit, I say B.S. They say I live in California, I say that was over 8 years ago. Just try to call them and talk to live person. It is impossible!

Yet they continue to make millions selling incorrect information. How did they get so much power to control us? Stay tuned to this rip-off report as I think I am going to start a website about this specific topic as I know there are thousands of people just like me who have this problem.

Branson, Missouri

This report was posted on Ripoff Report on 05/05/2004 08:16 AM and is a permanent record located here: http://www.ripoffreport.com/reports/transunion-equifax-experian/chester-pennsylvania-19022-2000/transunion-equifax-experian-these-companies-are-ripp-offs-making-money-on-us-without-p-90275. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Suggestion

also about your credit report fees

AUTHOR: Tomas - (U.S.A.)

If you have been denied credit the reporting bureau is required by law to furnish you a FREE copy of your credit report. Most often it is sent via mail. It is black and white format, and often vague compared to the colorful, chartfilled credit reports you can attain for up to 34.99 (3-1 credit reports plus your FICO score) from all 3 bureaus, it is combined into one report, with the three bureaus seperated by their respective columns. It is better to attain the free one for a quick but accurate view of one of the bureaus reports on you.
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#2 Consumer Suggestion

Have you tried these remedies?

AUTHOR: Tom - (U.S.A.)

I understand your frustration about the credit bureaus. I recently found the courage to pull all three of my reports. They are better than I thought, but still my credit is pretty low. It's mainly from the 4 or 5 collections in the past and present on my reports. In addition to all the credit inquiries, it makes the score almost non-functional.

Now, as for your situation, try some of the following options. First and foremost the Fair Credit Reporting Act is designed to protect you, the consumer, and the creditor. It is balanced so it works in both you and the creditors favor.

If you levy the system the right way, using bits and pieces of the fair credit reporting act, you can actually improve your credit report by removing: negative accounts already paid, delequient payments more than 30 days late, charge-offs, and other types of revolving or open end credit lines. Even if the accounts are listed at a collection agency, you may Negotiate your debt with the collection agency *the collection agency is most likely to work with you as opposed to the creditor that 'sicked' the collection agency on you* So in other words, you need to exploit laws designed to protect you.

For instance, if you mail off a dispute, always send it certified mail to one or all 3 credit bureaus. This is documented proof that you actually are disputing such said item in your report. This is where it gets good.

The credit bureau(s) has from the time they received your certified letter, 30 days to fully investigate a dispite. Be clear and concise in your letter. Make sure you give detail as to why your disputing it. By law, under the Fair Credit Reporting Act, if the credit bureau(s) fail to respond to your letter, they are in direct violation of the FCRA. You can then take the Credit Bureau(s) to small claims court. Most often they will not show up, because in their eyes, an insignificant negative listing is worth no trouble. They will always back down. They will offer to settle with you to avoid the One thousand dollar fine that will most certain be levied upon them. If you get them on thier knees, you are in control! Either sue them and net an extra 1000 bucks, OR take thier settlement, which usually is to remove the negative item in question completely from your credit report.

It costs up to 40 dollars to file a lawsuit in small claims court, and you might be thinking "a small claims lawsuit wont faze this multibillion dollar company" but the credit bureaus would rather not invest money or trouble in a negative listing on your report, ESPECIALLY IF YOU GOT THEM IN A TRAP TO BREAK FEDERAL LAW. Secondly, if you owe current debt, you can still trap them, but its a better idea to go directly after the creditor to whom you owe money to. Trap them in a few violations, and most certainly file a small claims lawsuit for breaking federal law. This is more difficult because the creditors will do what they can to recover debt.

Sometimes they will settle before the scheduled court docket. Perhaps they will settle for half of what you owe, with a promise of deleting a negative listing entirely and forever. Another moral question, take the 1000 bucks, or have the negative listing removed. That listing could pay for the 1000 dollars you could have won with the obtaining of a new loan, with a lower interest rate as a result of the deleted negative listing. If all else fails to negotiate or settle before court, be prepared for the most stubborn creditors to try and trap you. Make you admit that the debt is yours and the obligation sets upon you. Remind the "Defendant(s)" that they are in court and you are suing them because they violated Federal Law. The fact that you owe a debt is irrelevant in this court case. The fact that the creditor broke Federal law IS however relevant. There are other ways to manipulate the credit scoring system, it takes patience (perhaps a few years) and even in extreme cases where you feel you can use the good ol method Einstein loves "only the passage of time can remove bad remarks on your credit" Usually up to 7 years for collections, charge-offs, profit to loss, late payments, or other derogatory items. Banckrupcies, judgements, liens, and tax delenquincies being the most serious of problems can stay on for 10 years.

From your situation, your passage of time needs only a few more years from now for the item to be taken off your credit report. You said it was started in 1999. Its 2004. You may have less than 2 years to go depending on what month the activity took place. So in your situation, perhaps the best alternative is to wait it out. Most credit repair methods state that as being the best option if the negative listing has almost matured to its 7 year death from your credit file. If its a fresh listing, then the above methods might be a more feasible way to fight the negative listing. I didn't quote this out of some credit repair manual. I did my research, almost 1 years worth, to better my credit report. Tips for getting quick credit repair help, type in search phrases in Google or Yahoo like "dispute negative entries on credit report" or "raising your credit score."

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

It is FREE information right at your mouse. It has easy navigation and includes sample letters to dispute negative listings. As well as good credit or bad credit resources.

For being 21 years of age, I consider myself to be the minority. I still have yet to go to college, and secure an actual unsecured credit card, as well as a decent auto loan, not a bad credit second chance ez finance inhouse company that charges inexorable interest fees of 20-25% on auto loans. I hope I help out some people regarding credit issues. As the original author of this complaint is absolutely right, the credit bureaus DO RUN OUR LIVES. BUT we can fight them and get some leeway in our lives, and even prevent further intrustion into our financial affairs. Thank you for your time
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