The careless errors of credit reporting agencies • Hacker News Board

Re: The careless errors of credit reporting agencies

#61

Post by thechao » Sun, Sep 11, 2016, 5:26 PM UTC

necessity wrote: post #56

More effective than any regulation would be a legal system that actually made it possible for the small guy to sue the big guy for damages.

For instance: Time Warner Cable screwed up my cable package, charging me 220$ (a la carte) rather than 90$ (bundle). I contacted them, they admitted the mistake, and fixed the next month---I still ended up out 65$. I'd really like that money (moral imperative), but there's no legal way for me to seek relief for that small amount. If TWC messes up 1/50 accounts, once a year, for 50$, then they stand to make 500k--1mm$ a year just in my area. There's literally profit to be had between the legal cracks.

Re: The careless errors of credit reporting agencies

#62

Post by HarryHirsch » Sun, Sep 11, 2016, 5:27 PM UTC

TheCoelacanth wrote: post #38

dhimes wrote: post #10

Earlier quoted context omitted.

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?

Probably with carefully written laws, same as why we are seeing bogus DMCA requests all the time. Most crime has to be committed "knowingly", but if you automate your DMCA takedowns they can't catch you for perjury because you don't know what your system does.

Re: The careless errors of credit reporting agencies

#63

Post by benmarks » Sun, Sep 11, 2016, 5:27 PM UTC

If a credit reporting agency has incorrectly linked my profile with unsavory data, I do believe I'd skip straight past FCRA violation and go straight to a defamation lawsuit. This is libel.

Re: The careless errors of credit reporting agencies

#64

Post by ChuckMcM » Sun, Sep 11, 2016, 5:27 PM UTC

xanderstrike wrote: post #45

ChuckMcM wrote: post #31

Earlier quoted context omitted.

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.

Yeah but while you're in a different state your "current driver's license" is the one from that state. Effectively it changes when you move, and changes again when you go back.

True, it changes back to the old number when you go back. But as you move from state to state your DL# will change as well.

Re: The careless errors of credit reporting agencies

#65

Post by totalcrepe » Sun, Sep 11, 2016, 5:31 PM UTC

pdkl95 wrote: post #46

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…

> How much is this connected to not having a real id card? None. The credit reporting agency should be verifying any facts they intent to include in a report. If the are including unverified hearsay, the their report may be libel[1]. Also, your own ID card wouldn't fix someone else with either no ID or fraudulent ID doing something in your name. If the bank gave a loan to someone else , that's their problem, not your…

If a bank in America gives a loan in your name that essentially is your problem until a sequence of things happen that require a fair amount of education to research and do yourself or the advice of a low end but real lawyer (which is dangerous to seek out among the ones that screw over the poor).

If you live in the US you should consider filing every block available to you so for the banks you don't use, you can start the discussions with asking why they were illegally pulling your credit record or giving credit without it.

In Europe, it looks like banks are petitioning to be allowed to verify identity over camera phones using an independent third party. That is still better than the US, since you can probably force them to retrieve that record of "you and your id" fairly early in a dispute.

Re: The careless errors of credit reporting agencies

#66

Post by tn13 » Sun, Sep 11, 2016, 5:31 PM UTC

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.

Most things in this world are about making money.

Credit reporting system works pretty well and it is evident by the fact that we have seen mortgage bubble burst (where government forced banks to ignore credit ratings) and student loan bubble building up (ditto as housing loans).

The marginal gain in making it more accurate is not very much so I am pretty sure banks will not put efforts in that direction. Also, banks don't care if 1 in 10000 get screwed up because of their mistake because there is plenty of more fish in the pond. But that is how the world works.

Re: The careless errors of credit reporting agencies

#67

Post by Meegul » Sun, Sep 11, 2016, 5:31 PM UTC

When I turned 18, I decided that it would be a good idea to get a credit report from all three agencies just to check what was on there. I found that there were multiple accounts tied to my credit score from before I was born. Two of the credit agencies removed them fairly easily, but to this day, one of them has refused to remove the accounts. Why? Because I can't prove that I did not live in the area the account was opened in. Not being born yet has so far not been good enough. It's just been a process of me mailing them, waiting 6 months for them to respond with some request for some more information, repeat.

Re: The careless errors of credit reporting agencies

#68

Post by aboonaboo » Sun, Sep 11, 2016, 5:33 PM UTC

Meegul wrote: post #67

When I turned 18, I decided that it would be a good idea to get a credit report from all three agencies just to check what was on there. I found that there were multiple accounts tied to my credit score from before I was born. Two of the credit agencies removed them fairly easily, but to this day, one of them has refused to remove the accounts. Why? Because I can't prove that I did not live in the area the account wa…

You should sue them

Re: The careless errors of credit reporting agencies

#69

Post by jackgavigan » Sun, Sep 11, 2016, 5:34 PM UTC

thechao wrote: post #61

necessity wrote: post #56

More effective than any regulation would be a legal system that actually made it possible for the small guy to sue the big guy for damages.

For instance: Time Warner Cable screwed up my cable package, charging me 220$ (a la carte) rather than 90$ (bundle). I contacted them, they admitted the mistake, and fixed the next month---I still ended up out 65$. I'd really like that money (moral imperative), but there's no legal way for me to seek relief for that small amount. If TWC messes up 1/50 accounts, once a year, for 50$, then they stand to make 500k--1mm$…

That sounds like a class action lawsuit waiting to happen.

Re: The careless errors of credit reporting agencies

#70

Post by wyager » Sun, Sep 11, 2016, 5:34 PM UTC

themartorana wrote: post #40

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,…

> Poor, in debt, barely making ends meet? You're lucky if you can get a credit card for under 30% APR.

What about that doesn't make sense? The person you described carries an incredibly high default risk.

If credit scores are unfair to the poor, it's because they don't provide accessible way to fix errors. If your credit score is low because you're in excessive debt and unlikely to pay it off, then the credit scoring system is doing its job.