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I am tempted to say I am appalled by the utter disregard these credit reporting agencies have for consumers, but I am not really surprised. Coming from a countr

by nafizh 9y ago

I am tempted to say I am appalled by the utter disregard these credit reporting agencies have for consumers, but I am not really surprised. Coming from a country with a tradition of public institutions, it is amazing to see private credit reporting agencies in US, because this should be a public service from the Government.

dx034 9y ago
I can tell you that their attitude towards financial institutions isn't different at the moment. I've spoken to very senior people in several financial institutions recently and most of them are angry that they didn't get any more information than the public and get no help in protecting themselves (and their customers) against fraud. The problem is just that you cannot switch providers within a few days. And even those who didn't use Equifax suffer from the breach. But be assured that their behaviour isn't much better towards the once paying them.
imglorp 9y ago
The reason they have such contempt for you is that you're NOT THEIR CUSTOMER. Their customers are lenders looking for dirt on you. The only reason they talk to you, with overt disdain and reluctance, is the government says they have to.
- jdhzzz 9y ago
  > The only reason they talk to you, with overt disdain and reluctance, is the government says they have to. They are trying to fix that.
- rhizome 9y ago
  We aren't their customer, but we are their golden goose.
lightbyte 9y ago
>I am appalled by the utter disregard these credit reporting agencies have for consumers I think you're misunderstanding these credit companies. We (american citizens) are not their customers, we are the product. The customers are the businesses who use them to lookup our credit.
Broken_Hippo 9y ago
Then you might be really shocked to find out that criminal background checks are often done by private companies, and they don't even have to be licensed. I guess folks have a lot of trouble trying to clear up inaccuracies. Back to credit checks, the laws are a bit weird as well. Someone can simply pay their bills - phone, power, rent, and so on - on time for years and live within their means... and not be able to get good rates on loans and stuff because they have no credit. However, if they move and forget to pay their last electric bill from their old address, they'll suddenly have bad credit because it will be reported to the credit companies eventually. There is no requirement for the same places to report positives. Oh, and I might mention the actual scoring is a secret, though they'll give tips on improving it (like making sure to have a credit card and actually use it, have auto loans, and so on).
astura 9y ago
We are not their customers. Average Joe on the street is not their customer. No individual is their customer.[1] Their customers are other businesses - mainly banks/credit card companies/lenders as well as background checking services. They have no reason to provide customer service to individuals in their database - they are required to provide minimum services by law. [1] Actually, now some offer "credit monitoring services" to individuals, which are a cash hog because these services are absurdly overpriced and kinda scammy.

by nafizh 9y ago

dx034 9y ago

I can tell you that their attitude towards financial institutions isn't different at the moment. I've spoken to very senior people in several financial institutions recently and most of them are angry that they didn't get any more information than the public and get no help in protecting themselves (and their customers) against fraud. The problem is just that you cannot switch providers within a few days. And even those who didn't use Equifax suffer from the breach. But be assured that their behaviour isn't much better towards the once paying them.

imglorp 9y ago

The reason they have such contempt for you is that you're NOT THEIR CUSTOMER. Their customers are lenders looking for dirt on you. The only reason they talk to you, with overt disdain and reluctance, is the government says they have to.

jdhzzz 9y ago
> The only reason they talk to you, with overt disdain and reluctance, is the government says they have to. They are trying to fix that.
rhizome 9y ago
We aren't their customer, but we are their golden goose.

lightbyte 9y ago

>I am appalled by the utter disregard these credit reporting agencies have for consumers I think you're misunderstanding these credit companies. We (american citizens) are not their customers, we are the product. The customers are the businesses who use them to lookup our credit.

Broken_Hippo 9y ago

Then you might be really shocked to find out that criminal background checks are often done by private companies, and they don't even have to be licensed. I guess folks have a lot of trouble trying to clear up inaccuracies. Back to credit checks, the laws are a bit weird as well. Someone can simply pay their bills - phone, power, rent, and so on - on time for years and live within their means... and not be able to get good rates on loans and stuff because they have no credit. However, if they move and forget to pay their last electric bill from their old address, they'll suddenly have bad credit because it will be reported to the credit companies eventually. There is no requirement for the same places to report positives. Oh, and I might mention the actual scoring is a secret, though they'll give tips on improving it (like making sure to have a credit card and actually use it, have auto loans, and so on).

astura 9y ago

We are not their customers. Average Joe on the street is not their customer. No individual is their customer.[1] Their customers are other businesses - mainly banks/credit card companies/lenders as well as background checking services. They have no reason to provide customer service to individuals in their database - they are required to provide minimum services by law. [1] Actually, now some offer "credit monitoring services" to individuals, which are a cash hog because these services are absurdly overpriced and kinda scammy.