Is there any punishment for credit bureaus who report false or unverified information? Must they verify first

Question

Three credit bureaus issue you credit scores but with identity theft running rampant dealing with them might be more harmful than helpful because you end up giving them more information that may not be secure or that they might report to someone else. Freezing hasn't worked. Requiring notarized written permission before releasing information hasn't worked so we need to know how to protect our members from these unscrupulous predators.

Answer 1

There are fines for the collection agencies and lenders which report false information. If you go to the link below, there is a list and the fines the companies can face. The credit bureaus do have some items they can be held responsible for as well, but most of the burden falls on the companies which report the info to the bureaus.

Answer 2

You can contact the FBI and your local Law Enforcement in your community. I recently watched a TV show on A&E that was dedicated, solely to that subject. You could go on their web site and "order the CD". All banks in North America, now have a "secure code", no one can get into your files. Very soon, there will also be a "programme" available called "Accucheck" and this will be in ALL Leanding Institutions. Until then, one of the most secure ways to deal with the transmission of "vitals" is using a "password" and security with a "secret answer". One is used for each member, and only the member knows the answer. Your second question, YES, there is legal punishment for "false or missleading" information "gathered and/or passed-on", in knowledge. You must report these incidents, with PROOF, to your local Licencing Division of the Government. They will and have Revoked the Credit Agency's Licence.

Answer 3

I don't believe there is..Credit Bureaus only provide the information provided by your creditors to them..Now if the creditor is providing the Bureaus with false information you can go back to them and have the information changed or revised..You also can make comments on your own Credit Report for potential creditors to read..Explanations...

Answer 4

Usually if there is erronious information on your credit report you can dispute it and then its up to the creditor to prove the validity of the debt. If they do not provide proof in 30 days the information is removed.

Answer 5

Unfortunately, it is not the bureaus responsibility to verify the accuracy of what is reported unless you dispute it.

Here is some additional info. Hope this helps.

Answer 6

To be honest, it is not their responsibility to verify every credit report. It is your responsibility to make sure it is accurate. Order a copy of your report and simply write them a letter asking them to verify all of the information.

Answer 7

They don't have to verify sh*t.... unless you make them. Call the credit bureau... It is easy enough to initiate an investigation.

ALSO.... FILE A COMPLAINT AGAINST THEM... YOU CAN FILE A COMPLAINT ONLINE AT WWW.FTC.GOV