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Another Reason To Monitor Your Credit Reports

Do you know how credit reporting companies like Equifax acquire information on overextended consumers? In most cases the credit bureaus hire public records vendors to do the legwork for them.


The hired information sleuths peruse through the records rooms in local courthouses searching through financial judgments against delinquent consumers and homeowners. Whatever evidence they dig up is passed along to the credit bureau, which includes those details to the person's credit report, ultimately destroying their odds to obtain a mortgage, a car loan or in some cases a job.


The research outfits don’t hire or employ top notch investigative grade personal identification techniques. So, for example, if in a particular municipality there’s more than one person with the same name, a negative credit event can end up on the wrong consumer’s credit report.

Credit reporting mistakes can also occur when public records vendors don't supply updated information and the routine answer from the credit bureaus' is, 'It's not our fault if the public record wasn't accurate.'

If you're turned down for credit and suspect there's bad information in your report, you should request to see a copy of the full report, and find out which credit bureau generated the information. If you spot any spurious information on your report, you have to demand that the credit bureau investigate and correct it. If you feel that the bureau is giving you the run-around, go down to the courthouse in person an investigate yourself. You are likely to find enough information on your own to join one of many class action law suits that are currently against the credit bureaus.

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