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The careless errors of credit reporting agencies

washingtonpost.com

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Re: The careless errors of credit reporting agencies

#31

Post by ChuckMcM »

superuser2 wrote: post #13
bluedino wrote: post #7

Earlier quoted context omitted.

>> How much is this connected to not having a real id card? Each state has it's own Drivers License and usually a very similar card that is simply for ID. Many places such as banks or cell phone companies will request your drivers license or ID # in addition to your Social Security # to open an account.

Driver license numbers change when you move, so are not useful for things meant to be long term like credit.

I suppose this depends on the state. California driver's license numbers don't change, even if you move away, get a different one, then come back years later and get one back in California.

Re: The careless errors of credit reporting agencies

#32

Post by sschueller »

codegeek wrote: post #17

Some steps to monitor your credit (USA): 1. Signup for https://www.creditkarma.com . Yes, you can argue about giving your credentials to a 3rd party company and they show you ads but credit karma sends me real time activity on my credit report FOR FREE. I get offers etc but I am happy since I can keep an eye on my credit report from all agencies. (except Experian who want you to pay them for report). 2. Get a free cr…

All this to just keep your record clean and not have your bank misplace your money?

These are things you should not have to worry about in life.

They are expected and in most modern countries are not something you need to worry about.

When I tell my friends about this in the US at first they don't believe me. The can't believe that the banks make so many mistakes (such as credit/debit the wrong person for a check) and that there is this thing called a credit score which you have very little control over and can ruin you without you doing anything wrong.

The amount of time I have wasted in fixing credit scores and dealing with overdraft fees because someone else's check was pulled on the wrong account is staggering.

Re: The careless errors of credit reporting agencies

#33

Post by codegeek »

sschueller wrote: post #32
codegeek wrote: post #17

Some steps to monitor your credit (USA): 1. Signup for https://www.creditkarma.com . Yes, you can argue about giving your credentials to a 3rd party company and they show you ads but credit karma sends me real time activity on my credit report FOR FREE. I get offers etc but I am happy since I can keep an eye on my credit report from all agencies. (except Experian who want you to pay them for report). 2. Get a free cr…

All this to just keep your record clean and not have your bank misplace your money? These are things you should not have to worry about in life. They are expected and in most modern countries are not something you need to worry about. When I tell my friends about this in the US at first they don't believe me. The can't believe that the banks make so many mistakes (such as credit/debit the wrong person for a check) an…

Unfortunately, yes you need to do all these otherwise there is a risk that you have something on your credit report and you will never know. I hate the system too but right now, this is what it is.

Re: The careless errors of credit reporting agencies

#34

Post by initram »

orangecat wrote: post #9
kartan wrote: post #3

How much is this connected to not having a real id card? For me is always weird when you see things like "no flight lists" and it is just a list of names. In Spain or Sweden your ID will be listed and the rest of people named like you spared of being harassed. Another concept that I don't understand is that USA's social security number has to be kept secret or otherwise your identity can be stolen. How that is even p…

Another concept that I don't understand is that USA's social security number has to be kept secret or otherwise your identity can be stolen. How that is even possible? Doesn't your employer needs it? Yes, as well as utilities, banks, insurers, hospitals, etc, etc. Treating the SSN as a password is idiotic, to the point where I almost wish Anonymous or someone would publish every American's number so that we'd be forc…

No your utilities do not need it. I never give my SSN to companies. Not the phone company, not the utility company, nobody I don't actually need to if I can help it. They will often waive such a requirement if you pay a small fee (usually around $5-50), which usually gets paid towards a bill after something like 6 months of paying everything in full on time.

Re: The careless errors of credit reporting agencies

#35

Post by graeme »

bluedino wrote: post #4

The credit reporting system probably wouldn't work if you had to have the account holder's 'permission' to add events to it - you have to do it in this automated way. Although it can be a pain, the responsibility of if your credit report is accurate falls on you, the consumer. You should many of the free services to check your credit and then dispute any events that aren't correct. Most people don't have issues but y…

Isn't it libel to spread incorrect information about others, that is damaging, and that is certified as a true belief?

Re: The careless errors of credit reporting agencies

#36

Post by Fezzik »

chrischen wrote: post #6
bluedino wrote: post #4

The credit reporting system probably wouldn't work if you had to have the account holder's 'permission' to add events to it - you have to do it in this automated way. Although it can be a pain, the responsibility of if your credit report is accurate falls on you, the consumer. You should many of the free services to check your credit and then dispute any events that aren't correct. Most people don't have issues but y…

I thought you only get 1 free credit report per year?

You can also get free reports through (some) banks and credit cards - Bank of America now provides members an updated FICO score every month and emails a link to access it. One if my credit cards has the same service but I cannot pinpoint which one right now.

Re: The careless errors of credit reporting agencies

#37

Post by Implicated »

bluedino wrote: post #4

The credit reporting system probably wouldn't work if you had to have the account holder's 'permission' to add events to it - you have to do it in this automated way. Although it can be a pain, the responsibility of if your credit report is accurate falls on you, the consumer. You should many of the free services to check your credit and then dispute any events that aren't correct. Most people don't have issues but y…

You're only referring to credit reports... did you read the article? This wasn't only a credit report, but a landlord profiling service that they provide that also gives your criminal history... how, do you suppose, are we to monitor _what they see_ as our criminal histories?

I've had this exact same thing happen to me, about 6 years ago, when applying for an apartment lease. The landlord called me to ask about the violent offenses (robbery, assault) that came back on my background check that she was _sure_ couldn't be me. How am I supposed to monitor that? And, how would I do that _at no cost to me_?

Re: The careless errors of credit reporting agencies

#38

Post by TheCoelacanth »

dhimes wrote: post #10
bluedino wrote: post #4

The credit reporting system probably wouldn't work if you had to have the account holder's 'permission' to add events to it - you have to do it in this automated way. Although it can be a pain, the responsibility of if your credit report is accurate falls on you, the consumer. You should many of the free services to check your credit and then dispute any events that aren't correct. Most people don't have issues but y…

Although it can be a pain, the responsibility of if your credit report is accurate falls on you, the consumer. I can only be responsible for the things I do. If some shithead wants to give third-party information about me it better be accurate, and if its inaccuracy causes me harm it should be actionable.

Exactly. If I spread false information about someone to their detriment, that is slander. How do credit reporting agencies get away with it?

Re: The careless errors of credit reporting agencies

#39

Post by sokoloff »

halviti wrote: post #21
orangecat wrote: post #9

Earlier quoted context omitted.

Another concept that I don't understand is that USA's social security number has to be kept secret or otherwise your identity can be stolen. How that is even possible? Doesn't your employer needs it? Yes, as well as utilities, banks, insurers, hospitals, etc, etc. Treating the SSN as a password is idiotic, to the point where I almost wish Anonymous or someone would publish every American's number so that we'd be forc…

If you were born before 1989, your SSN can be guessed with 44% accuracy by an algorithm. http://www.sciencemag.org/news/2009/07/social-security-numbe...

> If you were born before 1989, your SSN can be guessed with 44% accuracy by an algorithm.

The actual situation is quite a bit less dire than your quote.

What that linked article says is that for people born AFTER 1989, the first five digits could be guessed with 44% accuracy. (There's a very real sense that the "last 4 of your social" are less guessable than the first five, so it's no surprise that the last 4 is what is often used/misused.)

Re: The careless errors of credit reporting agencies

#40

Post by themartorana »

sschueller wrote: post #14

The whole credit reporting system is a money making racket and there is zero interest in keeping the information in it accurate. No one is held responsible for mistakes and the suffering people go thought because of it.

Same goes for every credit rating agency in the country (world?). Remember all those AAA rated swaps?

It is disturbing how the entire economic system is set up to make life harder on those it's hardest on. Poor, in debt, barely making ends meet? You're lucky if you can get a credit card for under 30% APR. Mortgage rates historically low? Not for you. Need a loan? Sucks to be you.

Finally clawed your way out of debt, trying to get ahead? Tough shit, your credit report will haunt you for the better part of a decade.

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