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Thinking Out Loud


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Why is a creditor allowed to report data to credit reporting agencies regarding my account in general? Did I some how authorize this creditor to do this? To me that information is not public knowledge and should only be kept within the creditor's files. I realize I give authorization to the creditor to pull the data from the CRA's but what did I sign that said, please report this data to the CRA's? We all know that when we call the Creditor we have to verify numerous amounts of information, but they are just giving it to the CRA's with no verification what so ever.

Just my out loud thought of the day.

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Fizzle: Your thought of day, has been stuck in my head ever since the day you posted it! I have been repeatedly, asking myself this same question over and over....

if the CRA's are privately owned businesses, who I have no contract with, when and where did I sign giving this "private business" the right to hold my personal information that I entrusted to my creditor?

Was it when I was 18 and got my first line of credit?

Was it in the creditor's small print for loans, CC, mtg etc. that most people don't read?

Public Information such as judgements, taxes, etc. I can somewhat understand, it is the law of the land that these things are public information, however, I don't agree that lexis/innovis has the right to report it to a CRA knowing full well that they are not the owners of the judgement etc. and have no interest in the matter, unless of course they are a CA as well as a CRA. This is of course, if I am understanding this correctly. LOL I guess I might to find out exactly who Innovis and Lexis are....Innovis pulled a hard inquiry on my CR and I had no idea who they were or why they would.....but now i need to know!

And to think that these private companies are making money off of mine and your personal information without our authorization.

I'm somewhat surprised that no one has challenged a violation of civil rights issue or some loophole somewhere.....Especially with all the rights to privacy stuff going on.........

With all that being said, I'm glad someone else had this thought! It truly does make you think....

HAve a good night!:confused:

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