@HiLine wrote:
@Smooth954 wrote:
So a creditor can falsely report inaccurate information about you without having to prove its accuracy just because you have done business with them? Why are they not required to prove the information they are reporting to be accurate? Why should the consumer be honest if the creditors can be dishonest??
In reality, all your credit reporting is performed on a voluntary basis. It is not required of the banks, and is certainly not regulated.
That is true that it is voluntary reporting. However, there are laws that state once you report you have to report accurately. If a creditor does not update accurately they are violating the FCRA and either need to remove all of it or correct it.
The reporting is regulated by the FCRA.
