I HATE THE CREDIT REPORTING AGENCIES

Yes, I really mean hate, as in abhor, cannot tolerate, wish they would disappear. And I mean all three of them: Experian, Equifax, and TransUnion. Why? Oh, let's see...

• They collect and hold very personal information about me that I never contracted or approved for them to have.
• They disseminate very personal information about me without my knowledge or approval.
• They "score" me based on the very personal information about me that they hold.
• Based on THEIR score I may or may not receive credit or get a job.
• When they hold and/or disseminate incorrect information about me, they make it EXTREMELY difficult to correct.
• They charge ME to put a "freeze" on MY information.
• The time, expense, stress and turmoil that they have caused my family and me cannot be recouped.

Here is our latest experience with Experian. Today, we received a letter from our mortgage company, Countrywide, stating that one of their "former" employees, stole and sold our personal information. They stated that they are working with law enforcement agencies in an attempt to prevent any misuse of the information and are providing a two-year complimentary subscription to Experian's "Triple Advantage" service. OK, that sounds fair enough. There are always unscrupulous people who get into any company and get access to information of which they then take advantage. The problem? Although the letter is addressed to both my wife and I, we were only able to sign up for one subscription that does not allow the addition of a spouse to the account. When we attempted to use the activation code a second time to create an account for the other person, the system would not accept it. When I attempted to call for assistance from Experian, I received a message that they were experiencing a "very high call" volume (no kidding) and that I should attempt my call at another time. They are ALWAYS experiencing a very high call volume. They have NO INTEREST in serving the consumer. Their business comes from companies and corporations that contract their services to keep out so-called "high risk" individuals. Personally, I would love to see these "agencies" shut down - completely put out of business. The harm that they cause the consumer far outweighs any good that they provide to corporations. Are there any brave law firms out their willing to try a "class action" against the Big 3?

Freeze Your File and Their Profits

I was just visiting Experian's website (the credit reporting agency) to see what I can learn about how to freeze my file with them so that potential creditors and others (including identity thieves) could not access it. While searching the site, I came across an article by the Maxine Sweet, the company's Vice President of Public Education. That must be another name for Spin Doctor. Public Education? Riiiiiight. Profit protection is more accurate. Ms. Sweet was responding to a question asked by the fiancee' of a man who had been the victim of identity theft and apparently requested that his credit reports "frozen." The problem is that the future husband was careless and forgot the PIN given to him by Experian (and quite possibly the other 2 reporting agencies, Trans Union & Equifax). Ms. Sweet, being the great "educator" said that freezing his file after an identity theft actually would give the thief more power to do harm by committing different types of fraud. How ridiculous!

The fact is that every time someone freezes their credit file, it is lost revenue for the credit reporting agencies because they can no longer sell your information to just anyone who has your personal information. If your file is frozen, you must personally "unfreeze" it temporarily for the person or company who wishes to view the information. If you properly handle your PIN, this is a minor hassle for you and the person/company needing the information, but a MAJOR hassle for the credit reporting agency. They must spend man-hours and money, locking and unlocking and re-locking your credit file. This again takes money from their bottom line. I should let you know that your state may allow a nominal fee to the credit reporting agencies for temporarily unlocking your file.

It all makes me laugh. Why? I truly cannot stand credit reporting agencies. They gather very sensitive, personal information - information that should be extremely privileged, and they sell it. Does the party requesting your credit information have to know you? No. Does the party requesting your information need your permission? Supposedly, yes, but it is very easy for them to skirt this requirement. Do you get any part of the profit from YOUR information that has often been collected without YOUR permission (because you have no choice if you want to buy a house, car, furniture, etc.)? No. AND, if something is incorrect on your credit report, getting it corrected is extremely difficult. In my opinion, credit reporting agencies do the same thing that a paparazzi photographer does. They take something private from you without your permission and sell it. It is a scummy business. It stinks to high heaven. But now, we - or, at least, some of us - have been given a new tool to battle these companies.

Some state governments actually did something right for a change and gave some control back to the real owners of personal credit files - the people whose names are on those files. In some states, you can now freeze your credit file from an unknown entity attempting to gain access to it. It currently costs $10/person per agency to freeze your credit file (a total of $30 per person) and requires that you send a certified letter requesting the freeze to each of the 3 agencies. The credit reporting agencies are required to maintain a toll-free number for people who have frozen their files. If you want find out which states have made this law, how to get your state to enact such a law, and where to write to freeze your own credit file, simply follow this url:

http://www.consumersunion.org/campaigns/financialprivacynow/learn.html

My wife and I are going to freeze our files in order to take away some of the credit reporting agencies' power and to protect our credit, which Experian, Trans Union, and Equifax are NOT doing. I hope you will consider freezing your credit file also.