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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 Answer Team Taco Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311074  
Subject: Re: Dangers Of An Under Regulated Credit Industr Date: 7/16/2012 9:17 PM
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The fact that the government reported erroneous information does not relieve TransUnion of their duties under the FCRA. That appears to be the basis of the woman's claims against TransUnion. Claims she appears to have won - even if the court reduced her award substantially.

I think you misread the article. The government reported one name and TransUnion associated it with a different account. There was no accusation of government wrongdoing or misinformation. The problem is that Transunion misapplied the data then reused to correct it.

The so-called protections as they apply to credit reporting agencies are a joke. They accept all data reported on your record, without any effort to ensure the data actually applies to you, then make you jump through hoops to dispute it, without ever being allowed to talk to an actual person. Then when you do dispute it, all they do is forward the item back to the source institution who automatically says their data is correct without any serious investigation. At this point, the CRA considers the case closed.

Fixing incorrect data with a CRA is like pushing a boulder uphill. Sure it can be done, but it requires a lot of work and persistence. What is needed is regulations not to punish bad behavior but to prevent it in the first place.

Who thinks the so-called civilian penalties for failing to correct false information are insignificant to the CRAs and unsuccessful at encouraging responsible behavior...
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