Credit bureaus are official, quasi-governmental agencies, and American institutions that work alongside your creditors to keep every adult citizen towing the financial line.
Fact: They are for-profit businesses and have no government affiliation.
Fact: Required by federal law to contain information that is fairly reported, 100% accurate, and fully substantiated upon consumer request.
Fact: Statement may be viewed as an admission of guilt. Loans are approved or denied based on numbers – the FICO score, and not words. Statements may be viewed as excuses.
Fact: In the United States, credit reporting is entirely voluntary, with no enforceable minimum time period. If creditors cannot (or would rather not) document FAIR, ACCURATE and SUBSTANTIATED credit reporting, then their credit report data must be removed.
Fact: Attorney Generals (AGs) have authority to file a lawsuit under the Fair Credit Reporting Act.
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