Mind-blowing Malfeasance of Credit Scorers Exposed by 60 Minutes

[Cowpunk]

60 Minutes has produced a report showing the alarming frequency of mistakes on personal credit reports by the big three credit rating agencies, and the "Kafkaesque" nightmare faced by people who try to get these mistakes corrected. Some believe that this wanton malfeasance clearly constitutes noncompliance with the Fair Credit Reporting Act.

http://www.cbsnews.com/video/watch/?id=50140748n

Robert Oak of The Economic Populist describes it thus:

Credit rating agencies only listen to the creditor, not the individual whose credit is being ruined. No matter how much documentation an individual has proving the error, nothing will be corrected as individuals and their mountains of documentation are ignored. This gives carte blanche to unscrupulous debt collectors. False reports of claimed debt are filed with these credit reporting agencies and if that happens there is little recourse. In other words, credit reporting agencies have simply given anyone who calls themselves a creditor, an extortion tool to force individuals to pay on debt they do not even owe. All because the individual is ignored and all power is given to creditors.

[Egalitarian Thug]

1. K&R Imagine that. Give a bunch of corporate parasites a liability shield and they turn around and

abuse the privilege. Who could have ever predicted that?

[busterbrown]

2. Maybe I’m wrong... However

I thought the reason why credit scorers rarely fixed obvious problems was because it is just is too expensive to do so. Requires lots of research and investigation which is the antithesis of making required profits.
To be sure, the three top reporting agencies are not especially fond of hiring additional personnel.

Do I have this right?

[DeSwiss]

3. K&R

''Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.'' ~John Maynard Keynes

[ck4829]

4. People would do well to remember the Retail Credit Corporation, the first credit rating agency

They rewarded investigators more for finding negative information that would hurt a person's chances of getting a job, a loan, etc. than positive information, even if that information was just hearsay.

The Retail Credit Corporation is still around too, it's just called Equifax today.