If credit scores drive this nation, what regulates the major reporting companies?

Answer 1

Even though the government is behind the FCRA, it is up to individual people to ensure that the bureaus are following the laws and not violating their rights.

The bureaus ignore, bend and break the FCRA quite often. So the individual has to write letters to the bureaus to try and correct any mistakes. Then the credit bureaus often deem the disputes as frivolous, which makes it harder to have the inaccurate information corrected.

Then, after doing as much as the individual can to correct the reports, the individual has to file complaints with the FTC, which that in itself is basically useless. But, the papertrail of filing disputes and complaints come in handy when a person sues a credit bureau for violating the FCRA.

To the credit bureaus, the creditors, collectors and junk debt buyers are their cash cows. They will do as much as they can to keep those businesses happy, even if it means violating the FCRA.

Answer 2

Fair Credit reporting Act ...so the government