Experian ripoff Deceptive reporting has become standard Allen Texas
I work in the field of credit restoration, and I have noticed that there is a pattern of serious misinformation by Experian in particular.
What are they doing that the others aren't?
The amount that a negative item affects your score is mostly based on how recent the delinquency is reporting. The more recent, the more it hurts your score.
So what's Experian doing??
If you have an account charged off in 1999 and you dispute the validity of the item, if they verify it, they are posting that item as charged off in 1999, then posting it as charged off in 2005!
People who would have decent scores because they have maintained a good credit history over the last 4, 5 years now have scores in the 400's because experian is reporting the verification dates as the last delinquency dates!
I would love to have a lawyer file a class action lawsuit against these bast**ds again. This is not an isolated incident. I work with hundreds of clients, and this is becoming their normal pattern. I don't know if it's a computer glich or just a retaliation for making them have to actually work; either way it's wrong and needs to be stopped.
Gene
Granada Hills, California
U.S.A.
4 Updates & Rebuttals
Mark
Houston,Texas,
U.S.A.
EXPERIAN UNDER STATE AG'S MICROSCOPE
#5Consumer Suggestion
Wed, March 16, 2005
I have won some law suits against some credit card companies,which when I sent the paper work from the federal courts to Experian and the credit bureau refused to look at them and told me they wouldnt read the documents.
I sent a letter to the State Attornies Generals Office in Texas as to a credit card account that showed fake information and Experian would not take it off. THE AG is Investigation the Credit Bureau and looking at the federal district court papers.
Mark
Gene
Granada Hills,California,
U.S.A.
It's not just the collection agencies
#5Consumer Comment
Wed, March 02, 2005
I don't believe that it's just the agencies. If that was the case, then all 3 credit bureaus would be updating this way. No..this is Experian. While I do agree that it could be a strong and illegal tactic to keep rereporting the same items over and over, the fact is that most agencies aren't organized enough to even think of doing that. Moreover, they know that if they tried doing that, they would get sued. Obviously Experian doesn't mind getting sued. It's a normal occurance for them. I have to fight with them every day, and I'll tell you, quite honestly, I don't even believe they bother reading the disputes. They just assign basic coding for each type of dispute and it's all automated from there. For instance, "not mine" would be code 1 (just as an example), and no matter what else you write on there, they'll submit a code 1 verification regardless of what other info you write in there, or proof that you may offer.
Sherri
Piedmont,California,
U.S.A.
THE ENTIRE CREDIT REPORTING SYSTEM NEEDS TO BE REVAMPED
#5Consumer Comment
Wed, March 02, 2005
The credit bureaus tells you that they are there to serve you, the average Joe/Jane. Yet, when you dispute something erroneous on a credit report, they "verify" the item, fraudulent or not, without investigation.
The bottom-feeder "collection agencies" buy out of stat paper, report the "debt", sell the "debt" to another bottom feeder, who reports the same "debt" and so on and so on. I had to actually hire an attorney in order to get an entry from Calvary Portfolio/Sprint off my credit report, being that I never had a Sprint account.
But all three bureaus "verified" the same entry, no matter how much I disputed it. How can something be "verified" that does not exist? If the credit reporting system dictates the standard of living a person/family must have (qualifying for mortgages, etc.), then shouldn't there be strict standards to make it more accurate?
Apparently, the regulations on the books aren't getting enforced or are totally inadequate.
Tom
Kerrville,Texas,
U.S.A.
Actually.. This is a new dirty sneaky tactic to coerce payment from the debtor.
#5Consumer Comment
Wed, March 02, 2005
I have a charged off account on Experian from 11/02. I disputed it in August of 2004. It only stated the account was disputed and meets FCRA requirements. It didn't update to a new date. It could be the creditor is updating it every month now. This is a new dirty sneaky tactic to coerce payment from the debtor. Knowing they want a higher than 400 score, they update it monthly to the point the debtor breaks down. It happened to me recently. Beware the collection agencies. They are getting more feisty.