Credit reports control way too much of an individuals life.  A bad credit score can deny someone a job, never mind a credit card and a mortgage. The four billion dollar a year consumer credit rating industry has way too much power and almost no accountability.  They would rather be sued repeatedly and lose than set up a system to actually repair inaccurate credit scores. 

The FTC has a new study which shows 1 in 5 credit reports is chock full of errors.  That's 20% of Americans with gross errors on their credit report with 10% of Americans having their credit score lowered as a result.  While the FTC claims 10% of people succeed in getting bad information off their credit reports,  CBS 60 Minutes found something different.  The credit reporting bureaus won't fix the errors.  

The entire system to try to repair an inaccurate credit report is a joke.  It is impossible to get errors removed from your credit report.  Credit report disputes are a  rigged game.  The credit reporting bureaus don't  list a phone number and instead route people to their websites to really sell products.  If one mails detailed documentation to fix the problems, those documents are not reviewed.   If one does manage to find a phone number, they are routed to an offshore outsourced call center where there is no help.  It is impossible to get errors removed from your credit report as detailed below.

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. 

Last July, the newly formed Consumer Financial Protection Bureau was supposedly investigating. the credit reporting bureaus and obviously not much has happened.   In October they started accepting complaints in addition to the FTC.