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What would life be like if we only had one Credit Bureau?

Frequent Contributor

What would life be like if we only had one Credit Bureau?

Imagine one score and one report.  I think it would be easier to dispute information.   What does everyone else think.
Message 1 of 10
9 REPLIES
Established Contributor

Re: What would life be like if we only had one Credit Bureau?

life would be wonderful. i don't know how, but still. it just would be different i guess.
Message 2 of 10
Established Contributor

Re: What would life be like if we only had one Credit Bureau?

that would depend on which one it was.....
 
But 1 would be much much easier.  and you definitely would not have to worry about who pulls which one.
Message 3 of 10
Moderator Emeritus

Re: What would life be like if we only had one Credit Bureau?

It would be horrible.  If a CRA had no competition, it would have very little reason to produce a good product for its customers (that's the lenders, not you the consumer).  It would do only the minimum necessary to fulfil its legal obligations.
 
So while it's a pain to dispute and deal with 3 different CRAs, be very thankful that each of them has to try to prove to the lenders that its information is the most accurate.
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Message 4 of 10
Regular Contributor

Re: What would life be like if we only had one Credit Bureau?

Yeah and the luck we've all been having lately, the only CRA would end up being Experian!Smiley Mad
Message 5 of 10
Established Contributor

Re: What would life be like if we only had one Credit Bureau?



masdeocho wrote:
It would be horrible.  If a CRA had no competition, it would have very little reason to produce a good product for its customers (that's the lenders, not you the consumer).  It would do only the minimum necessary to fulfil its legal obligations.
 
So while it's a pain to dispute and deal with 3 different CRAs, be very thankful that each of them has to try to prove to the lenders that its information is the most accurate.



well when you put it that way......the 3 we got need some competition themselves.  Cause they be messing up ALL the time!!
Message 6 of 10
Frequent Contributor

Re: What would life be like if we only had one Credit Bureau?



masdeocho wrote:
It would be horrible.  If a CRA had no competition, it would have very little reason to produce a good product for its customers (that's the lenders, not you the consumer).  It would do only the minimum necessary to fulfil its legal obligations.
 
So while it's a pain to dispute and deal with 3 different CRAs, be very thankful that each of them has to try to prove to the lenders that its information is the most accurate.


I kind of disagree with you.  I believe that the CRA's are already being monitored by the laws.  If they dont act right we will sue.  Point blank.  I think if there was only one, the government would monitor it more closely. 
Message 7 of 10
Moderator Emeritus

Re: What would life be like if we only had one Credit Bureau?

Our luck that one CRA would be CSC.
Message 8 of 10
Established Member

Re: What would life be like if we only had one Credit Bureau?

Speaking of CSC, they mailed me a letter asking for me to mail them a copy of my SS card, drivers liscense, and utility bill or something with my current address on it just to see my CR?!  Is this standard procedure? Why would they ask me to mail them such "secure info"?
Message 9 of 10
Highlighted
Moderator Emeritus

Re: What would life be like if we only had one Credit Bureau?



ToBeFree wrote:
Speaking of CSC, they mailed me a letter asking for me to mail them a copy of my SS card, drivers liscense, and utility bill or something with my current address on it just to see my CR?!  Is this standard procedure? Why would they ask me to mail them such "secure info"?



Pretty standard.. I think they do this because they hate us. Smiley Happy
Message 10 of 10