topic Re: Charging Credit Reporting Agencies for info updates? in General Credit Topics

Charging Credit Reporting Agencies for info updates?

Anonymous — Thu, 24 Sep 2009 16:38:05 GMT

I do not provide Credit Reporting companies with free data - I assume that since they are making money off of their fata they need to pay for any updates I might provide - thus, I deal directly with my bank or credit card companies when trying to update files and generally it works. I also notify credit grantors that there are signficiant errors(at times) in the reports they pulled and that they are entitled to a refund of the fees they paid the reporting company for mis-information. Anyone else doing this?

Re: Charging Credit Reporting Agencies for info updates?

Anonymous — Thu, 24 Sep 2009 21:29:59 GMT

I recently had a situation where my auto loan was reported as a revolving item. I filed a dispute with equifax online and sure enough within 2 days they report to me "item verified as reported correcty" I had to call the bank directly and the matter was corrected on their end within 24 hours. I should have asked for a refund from Equifax for the money i spent on my FICO score from FICO. umh???

Re: Charging Credit Reporting Agencies for info updates?

Anonymous — Sat, 26 Sep 2009 19:14:32 GMT

@Anonymous wrote:
I do not provide Credit Reporting companies with free data - I assume that since they are making money off of their fata they need to pay for any updates I might provide - thus, I deal directly with my bank or credit card companies when trying to update files and generally it works. I also notify credit grantors that there are signficiant errors(at times) in the reports they pulled and that they are entitled to a refund of the fees they paid the reporting company for mis-information. Anyone else doing this?

What are you trying to say?

Re: Charging Credit Reporting Agencies for info updates?

jackg — Sat, 26 Sep 2009 21:14:44 GMT

Sorry, but I don't understand what you are trying to say. Are you an OC?

Re: Charging Credit Reporting Agencies for info updates?

Anonymous — Sat, 26 Sep 2009 22:48:44 GMT

You have two pathways to correcting data- going back to the original creditor or going through the dispute process...I prefer dealing with original creditors - after all they PAY a fee to the credit bureaus for correct data and data keeping - they have more incentive to fix data that is incorrect. If they receive incorrect data they can apply for a refund of fees paid which puts more pressure on the credit bureaus to get it right.