Who's Keeping Score? Holding Credit Bureaus Accountable

[bornfree2]

Interesting video on the dark practices of credit bureaus

Tuesday, February 26, 2019 (10:00 AM) -- Committee on Financial Services Hearing: "Who's Keeping Score? Holding Credit Bureaus Accountable and Repairing a Broken System"

Youtube video here

PDF print report here

[bornfree2]

Also worth reading from 2009

AUTOMATED INJUSTICE: HOW A MECHANIZED DISPUTE SYSTEM FRUSTRATES CONSUMERS SEEKING TO FIX ERRORS IN THEIR CREDIT REPORTS

(see V. TIPS & RESOURCES)

and this book

Credit scores and credit reports How the system really works, what you can do

Table of contents:

1. Credit score basics -- 2. Credit scores, advanced -- 3. Re-scoring -- 4. Obtaining your credit report -- 5. Reading your credit report -- 6. Disputing errors -- 7. Identity theft basics -- 8. Making & mixing credit reports -- 9. Reinvestigations (or not) -- 10. History -- 11. Credit repair -- 12. Debt collection -- 13. Auto insurance -- 14. Homeowners insurance -- 15. Mortgage insurance -- 16. The color of credit scores -- 17. Special challenges -- 18. Opting out -- 19. Impermissible access -- 20. Damage & damages -- 21. The 2003 FACTA battle -- 22. Missing credit limits -- 23. Conclusion.

[bornfree2]

My own quick take away from listening to the hearing and skimming through these sources is

• disputing credit inaccuracies is a frustrating process
• these three agencies form a kind of oligopoly
• each ceo hinted biometric data on consumer is planned
• social credit scoring by these monoliths is already in the works

As far as rebuilding credit, i may consider opening up a seperate checking account just for paying bills. Then allow the credit agencies access to the activity in that account. Things like rent, cell phone, internet, and other monthly utilities can be tracked by the agencies that way. According to them that helps with the score...who knows if trading privacy for a few points is worthwhile.