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Is this True???

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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, 2006

Forgive 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.

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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.

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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.

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check this out I think it is the skip tracing thing


I 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.

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I don't know why so many people are

getting 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 to

provide information to those willing to pay for it.

I'm sure everyday (exagerrating) they are wondering

how else might they be able to profit

from the information they have.

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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.

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