Home » Finance » Credit

Credit Repair And Credit Bureaus - Myth Uncovered

Aug 17, 2007
Well, in my opinion the credit bureaus will not want you to know this information. Those companies and the big money banks working with them would like you to keep thinking what you think and believing what you believe. However, what you don't know can hurt you to the tune of a bunch of money. No one wants that.

Where credit bureaus are concerned, there are essentially two sets of "truths." On the one hand, there is the fairly meaningless happy patter they want you to believe, which you can find repeated in just about every credit-related book and Internet site. And then, of course, there's the real truth which I'll shortly elucidate.

So what are the current beliefs? The point of this message is to wipe away the accepted norm that has been created by our friends TransUnion, Equifax, and Experian. Let's get you back up to speed on the truth and save you some of your hard earned cash in the meantime.

Myth: There are three official credit bureaus, and these beloved and vital American institutions maintain accurate records regarding the financial lives of every adult citizen.

Where do I start? That myth is so riddled with falsehood I'm not sure what to tell you first. But I'll give it a go.

First, the so-called "big three" consumer reporting agencies with which most Americans are familiar Equifax, Experian, and TransUnion truly want consumers to believe that they've each been blessed with a sanctioned franchise. Actually, the only reason such corporate behemoths now dominate the landscape is because their progenitors simply managed to swallow up each other as they battled for preeminence through the decades. Greed, not official dictum, paved their way. Even if you didn't click the historical link in the previous sentence just now (and missed out on how, for example, the company which became Equifax once used Welcome Wagon ladies to spy for them), suffice to say there is hardly anything "beloved" about these privacy-busting companies.

You should also be aware of the fact there are some new bueaus working very hard to work they're way into the system and move the big boys aside, which would be to all of our betterment. Did you know anyone could start their own credit reporting company and greedily grab all kind of private information from the people around us? Then it gets better because now you sell this information to the highest bidder. There are laws that limit this, but no one can stop you from getting into the business in the first place.

So contrary to the prevailing perceptual reality, there are no official bureaus. And while most Americans perceive their credit reports to have at least the same legal standing as their driving records, the truth is that the government had no role in establishing the for-profit companies which produce them. Put bluntly, no law mandates a credit report's existence, and such documents deserve as much respect as "The Weekly World News" supermarket tabloid or any other similarly unproven list of allegations.

And also please don't believe these companies are worrying at night about how accurate your information is. Rumor has it that there have been several studies done showing many of our credit reports have errors in them.
About the Author
An excellent free resource for your "http://www.clickcreditrepair.com">credit repair needs is online awaiting to help you. This site is owned and operated by Paul Johnson.
Rating:
Please Rate:
(Average: Not rated)
Views: 175
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources