Why are credit reporting agencys and companies that report to them not held accountable for damages
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make false reports? i have two items on my credit report that i was unaware of until i went to buy a house, when i was told that my interest rate was going to be far higher then the average because of "bad credit" i looked into my credit report, i found that there was a doctors bill that i supposedly didnt pay which in fact my insurance paid and the doctors office confirmed that, and the other is the power company saying i have a 4 dollar delinquency from 5 years ago which again i dont have, they said they never reported that ,the credit reporting agency said they made a mistake and put it on there when it was for someone else. so both are invalid and will be removed but the damage is done, i have been paying higher interest on vehicle loans and credit cards for the past 5 years because of this and i lost out on buy that house because of the mistake on my credit report, i have been told i can do nothing about it. how is that fair? shouldn't they be held accountable for the damage?
Why are credit reporting agencys and companies that report to them not held accountable for damages when they?They actually are held accountable.
But you need to understand how the law works. A few years ago, Congress recognized that the credit reporting industry was terribly flawed, and that over half the credit reports contained inaccurate information.
But they recognized that the credit bureau's were not totally at fault. Their job is to report what information creditors supply to them. They are not an investigative agency.
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