serenity06 Posted March 23, 2007 Report Share Posted March 23, 2007 I got this from the Bud Hibbs website and wanted to know is this actually true. If so, what rights do we have as consumers? Is there anything we can do about this?Experian San Mateo, CA June 15, 2006Forgive me if I'm living in a cave, but I'd just learned that EXPERIAN and possibly the other two credit bureaus are now selling you out to the collection agencies. Here's the scope: EXPERIAN has now instituted an "UPDATE ALERT" whereby a subscriber collection agency is automatically notified if there is any changes in your credit report such as your address, phone number, employment and among others. This is to notify the collection agency in case it is not successful in locating a debtor. Link to comment Share on other sites More sharing options...
chilton1 Posted March 23, 2007 Report Share Posted March 23, 2007 check this out I think it is the skip tracing thinghttp://www.experian.com/collections_industry/index.htmlI think all the bureau have this crap. Link to comment Share on other sites More sharing options...
serenity06 Posted March 23, 2007 Author Report Share Posted March 23, 2007 This is not fair to consumers and plus they are charging companies to use this services as well. What will they come up with next? Link to comment Share on other sites More sharing options...
divemedic Posted March 23, 2007 Report Share Posted March 23, 2007 I don't see how this in itself is unfair to consumers, and this isn't anything new. CRA's have done this for years. Link to comment Share on other sites More sharing options...
LNY Posted March 23, 2007 Report Share Posted March 23, 2007 http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=252364http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=251230 Link to comment Share on other sites More sharing options...
Ahntara Posted March 24, 2007 Report Share Posted March 24, 2007 CRA"s and their parent companies are in the information-selling business. They are always looking for new ways to parlay our data into their profits. It's completely legal and standardly-accepted business practice.The FCRA, FDCPA, ECOA, FCBA, TIL and others provide consumers with rights that relate to credit. Your state may have laws which offer further protection. It's a good idea to at least familiarize yourself with them or know where they can be found for reference. Link to comment Share on other sites More sharing options...
Big Time Posted March 24, 2007 Report Share Posted March 24, 2007 Yeah, they're bastards.JDB's subscribe nhot only to be notified of changes, but also for other credit pulls.If you've ever had an incident in your life (divorce, medical problems, etc) that has left you financially devastated and with a trashed creidt report, they will subscribe and wait for you to get back on your feet. Whatever old debt of yours they bought, they will just sit on it continue to add interest and fees wheteher the original contract allowed for it or not. Then, years later when you have recovered and begin to repair your credit, they will try to get you to pay up. Even if it's SOL and they can't validate.The vast majority of people are still ignorant of their rights, even with the dawn of the internet, that they get away with it more times than not.One good way to see who's watching you, is to go ahead and apply for a home mortage, even if you don't need one. Home mortgae pulls are like gold to JDB's because they know that home lenders will refuse you if you have any unpaid collections on your report at all. Most home lenders pull twice; once when you first apply, then again just before you close to make sure no collectors will end up with leins on the home.So the CRA's let the JDB's know you are house shopping, and the JDB puts a tradeline with an outrageous amount. I know of no case law where the JDB had to pay actual damages for reporting false info and SOL debts just to keep someone from getting a home. Link to comment Share on other sites More sharing options...
divemedic Posted March 24, 2007 Report Share Posted March 24, 2007 CAse law, no- but here is a case:http://www.potomacnews.com/servlet/Satellite?pagename=WPN%2FMGArticle%2FWPN_BasicArticle&c=MGArticle&cid=1149189600764&path=She got $351,000 from Equifax, and settled a $12.5 million with the hospital and a $3.3 million with the staffing company. Link to comment Share on other sites More sharing options...
billy99 Posted March 24, 2007 Report Share Posted March 24, 2007 check this out I think it is the skip tracing thinghttp://www.experian.com/collections_industry/index.htmlI think all the bureau have this crap.I went to that website, and I can not believe what CRA's can get away with, they get all types of information about us, some private, and then turn around and sell it, to almost anyone.How is this allowed by our government, obviously the CRA's and the CA's are all sleeping in the same bed. Link to comment Share on other sites More sharing options...
hiblues Posted March 24, 2007 Report Share Posted March 24, 2007 I don't know why so many people aregetting so bent out of shape about this...Surely you aren't THAT surprised are you?I am NOT at all surprised that they do it ...... they are in the business toprovide information to those willing to pay for it.I'm sure everyday (exagerrating) they are wonderinghow else might they be able to profitfrom the information they have. Link to comment Share on other sites More sharing options...
billy99 Posted March 25, 2007 Report Share Posted March 25, 2007 I understand they are a business, but we as tax payers fund the congress which should hold these companies to a higher standard, since they are government regulated. We as consumers get it coming and going. its a slow erosion of the middle class, CRA's can be a double edge sword. Link to comment Share on other sites More sharing options...
divemedic Posted March 25, 2007 Report Share Posted March 25, 2007 This is one of those cases where I have to say that I don't see how your rights as a consumer are being violated. Link to comment Share on other sites More sharing options...
CantCU Posted March 25, 2007 Report Share Posted March 25, 2007 Igitur qui desiderat pacem, praeparet bellum Divemedic, I had to ask my daughter what this meant! =) Link to comment Share on other sites More sharing options...
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