UnThreaded | Threaded | Whole Thread (20) | Ignore Thread Prev | Next
Author: Fuskie Big funky green star, 20000 posts Top Favorite Fools Old School Fool Ticker Guide SC1 Red Winner of the 2010 Rule Breakers Challenge Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308782  
Subject: Re: Dangers Of An Under Regulated Credit Industr Date: 7/16/2012 4:44 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 9
Some mistakes? The fact is that the CRAs have no obligation to fix anything that is incorrect in their data. This is not a case of over regulation but of a lack of responsibility. Y'all seem to be under the impression that the federal government gave the wrong information to TransUnion. That was not the case.

TransUnion's "OFAC Advisor" service had mixed Cortez with a Sandra Cortes Quintera.

The government gave TransUnion one name and they matched it up with someone else's name because close enough is good enough for the credit reporting industry. And when their mistake was pointed out, TransUnion had to be taken to court before they would acknowledge and correct it. There has to be some mechanism in place to escalate non-exact data linkages, especially when there is so much on the line.

The article doesn't describe whether the government was in support or in opposition to Cortez's efforts, but I expect it would have said so and the FBI would have gotten involved had they believed Cortez was in fact on a terrorist watch list.

The CRA industry holds huge sway over our lives, from credit to insurance to employment, even our ability to rent an apartment. Since their customers are largely not those on whom they have collected the data (except for the minority who purchase credit reports, scores and monitoring or freeze services), the CRAs feels they have little or no obligation to ensure that the data they report to others is accurate, nor do they accept as a core responsibility to fix their errors when discovered.

Fuskie
Who does not believe this aspect of the credit industry is highly regulated at all and that further consumer protections are called for...
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (20) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Apple

Wal-Mart Nixes Apple Pay
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement