When you go through your own credit report, does something about the way they collect information on your life

Question

seem quite sinister?

Answer 1

There is nothing sinister about what they do; "they collect what others send them". The problem, IMHO, is that there are no checks and balances when bad data is either re-reported that has been proved to be false or has been removed from the bureau's records and just any responsibility on their part for anything on your file.

The creditors are the ones that report information to the credit bureaus. They may or may not send information to all three major bureaus. When information is dropped, corrected, closed, etc. sometimes this gets to some of the bureaus correctly but maybe one still carries the information wrong. (Love it!) Then you are responsible to get this corrected at that one bureau.

It all falls back on the consumer to manage and monitor what others are sending in and maintaining on their credit history. Why should we have to fight so hard when there are no real policies in place for consistent file set-up, data storage, transmissions, reporting functions, etc? And if you get it straighten out once, there is no guarantee that it will remain that way.

Not sinister - just not well thought out and a pain to the consumer.

Answer 2

I agree with the others, there isn't much sinister in what the CRA's report.

If you want to see sinister reporting, order your Lexis Nexis report.
Many people who order their LN report find that they report much more sensitive information than what is found on your regular credit report.

LN is basically the "big brother" of personal data information and can be had by anyone who has the right info + $8.00. (scary)

I know that the CRA's and also creditors use LN. If you are asked a series of questions when applying for credit and you wonder how they would know the info that they are asking - now you know where it comes from.

(I wouldn't be surprised if someone, who ordered their LN report, found the name and other info of the kid they shared their pudding cup with on the school playground when they were 7 years old)

Answer 3

I never seem to be able to get a detailed credit report when I want one, so I couldn't tell you. I will say this: I make sure to destroy all of my bank statements once I'm done with them. It's surprising how vulnerable you could be - anything and everything anyone would ever want to know about your life can be found in your bank statements: how much money you spend, where you spend it and when.

Answer 4

???

They collect information on your spending habits in order that others may use that info to assess your credit worthiness before giving you money. What's sinister about that?

Answer 5

I wouldn't say sinister.. but you can't really hide anything from them.