@MarkintheHV wrote:
I long for the days when we didnt have credit reports. A loan was from your local banker who knew you by name, and the deal was sealed with a hand shake.
Until the last 10-20 years credit files were basically just a way for any random creditor to blackball you (whether it was true or not) and there was no way to easily figure it out or dispute it, much less know your score, and if you did you'd probably have to pay someone.
They didn't even want to open it up as much as it has been.
https://www.consumerreports.org/money/credit-scores-reports/credit-report-error-complaints-surge-che...
"About 13 percent of consumers have errors that affect their credit scores, the number that’s created using the information found in the report, says the NCLC’s Wu. But 5 percent have errors serious enough to cause a credit denial or raise interest rates. “That sounds like a very small number, but it equals about 10 million people.” "
So basically, it's my opinion that it turns into a place where any random lender can go to negligently libel someone. And it's happened to that extent to somewhere like 10 million Americans who are blissfully unaware. It's up to you to patrol your reports and all you can do is maybe notice in time and get it fixed.
