Yes. The 3 major credit reporting agencies are for-profit companies. They are privately owned and are in business to make money. Therefore, they are governed by the Fair Credit Reporting Act. The CRA’s [Credit Reporting Agencies] must maintain accurate data, through research to identify that information about any given person is correct. They must also verify with physical proof any derogatory items on your credit reports.
This, as you might imagine, is a lot of work! Research on the CRA’s themselves reveals that up to 80% of their data is reported inaccurately. 80 %! There are other issues creating problems as well: duplication of reported items, erroneous reporting, and outdated information.
The CRA’s were put into place to maintain information about consumers: to be fair and accurate to the consumer. Yet, we’ve seen one negative item turn into a dozen negative entries!
Credit Girl PLUSS ensures that our customers receive a fair and accurate credit report. We teach corrective credit behavior [we don’t pretend it to be easy… but it is critical!] and help every one of our clients to reach their ultimate credit profile.