Credit Report Errors – Why Do The Bureaus Believe The Creditors Over Me?

Credit Report Errors - Why Do The Bureaus Believe The Creditors Over Me?

When you dispute false information on your credit reports normally the credit reporting agencies (Equifax, Experian, and Trans Union) do NOT believe you but instead believe the creditors (furnishers of information).

As we have explained in other videos and on our blog and website, when there’s something inaccurate on your credit report, generally you need to go directly to the credit bureaus and dispute that.

The credit bureaus, even though they have an independent obligation to investigate, generally won’t do anything other than go to the furnisher of the information (in other words, the creditor) and say, “So and so disputes this. Should we keep it or not keep it on the credit report?” Then they will do whatever the furnisher or creditor tells them.

That’s puzzling to people. People will ask us, “Why do they do that? Why do they give such deference to the furnisher? I’m telling them this is not my account. Why do they believe the furnisher over me?”

There’s one very simple answer. It’s money. That’s the reason why they do it. You are not their customer. I understand that you may pay them to get your credit report or you may be in some monitoring program with them. They love that money. Don’t get me wrong. But you’re not their customer.

Their real customer is the furnisher and the creditor. That’s the customer that’s paying them a lot of money every month.

What it comes down to is, “Are we going to believe you, or are we going to believe this company that provides us enormous revenue?” It’s not hard to see why they do that.

That doesn’t make it right or change their obligation under federal and state law. When they just defer to these furnishers and keep false information on your report, then you’re entitled to sue the credit bureau and the furnisher.

This is no excuse for why they do it. I’m just telling you the real reason why. It comes down to money.

Here are the frequently asked questions on credit report errors – http://www.alabamaconsumer.com/CM/Custom/FAQs-about-Fair-Credit-Reporting.asp

If you have any questions about what we’ve talked about in this video, feel free to call us at 1-205-879-2447.

Thanks for watching!

John G. Watts
Watts & Herring, LLC
Serving consumers across Alabama
205-879-2447

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“No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.”
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http://www.alabamaconsumer.com/2016/12/can-fix-credit-report-errors/

You definitely can fix credit report errors on your own.

The only exception is if you have to sue in court.

In that case, you may need to hire an attorney to sue the credit reporting agencies and/or the furnishers of the false information. This suit is normally brought under the FCRA (Fair Credit Reporting Act).

Hope this is helpful to you.

If you have any questions, give us a call at 1-205-879-2447.

Thanks for watching!

John G. Watts
Watts & Herring, LLC
Serving consumers across Alabama
205-879-2447

Home

“No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.”
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