How do the credit bureaus verify debt?

ngerasimatos · ‎02-23-2008

Can someone explain to me in GREAT DETAIL how the big 3 verify debt? Do they just email/call the creditor/collection company and ask them to verify SS# and the account? Thanks.

Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955

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Anonymous · ‎02-24-2008

Some of them use an automatic system, not real sure how that works. They can call the creditors and collection agencies but, I have a feeling they do not.

ngerasimatos · ‎02-24-2008

I read they use an automatic system of some sort. However some accounts of mine have the name spelled incorrectly, the incorrect date of birth, and other various discrepancies. How/why would a credit bureau constitute that as verified? That seems ridiculous?

Also, if one credit bureau deletes a negative item, shouldn't the others follow suit?

Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955

800+ Club

Anonymous · ‎02-24-2008

ngerasimatos wrote:
Can someone explain to me in GREAT DETAIL how the big 3 verify debt? Do they just email/call the creditor/collection company and ask them to verify SS# and the account? Thanks.

See this testimony from the NACA before the House Committee on Financial Services. The dispute process is explained in all its graphic detail starting on page 18.

Sit down before you read it. It's shocking.

(change the word "dot" to actual dots)

http://www dot house dot gov/apps/list/hearing/financialsvcs_dem/osbennett061907.pdf

ngerasimatos · ‎02-24-2008

Cant get it to work.

Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955

800+ Club

Anonymous · ‎02-24-2008

ngerasimatos wrote:
Cant get it to work.

Copy and paste the link. Then change the word "dot" to actual dots, as I said.

Anonymous · ‎02-24-2008

Did you change the word dot?

It is a very rude awakening Cheddar, thanks for posting that. I found out about this many moons ago and was disturbed by their method's of verification to say the least.

Message Edited by stef37 on 02-24-2008 12:21 AM

ngerasimatos · ‎02-24-2008

Missed the second DOT.

Try not to become a man of success but rather to become a man of value
Albert Einstein 1879 - 1955

800+ Club

Anonymous · ‎02-24-2008

stef37 wrote:
Did you change the word dot?

It is a very rude awakening Cheddar, thanks for posting that. I found out about this many moons ago and was disturbed by their method's of verification to say the least.

You're right. It was a very rude awakening for me, as well.

The first time I discovered this document I read it straight through from start to finish. The part about how disputes are handled is bad enough, but the rest of it is rather disturbing, too.

Anonymous · ‎02-24-2008

Yes, I have tried to have an address deleted that is so inaccurate it's funny. But they keep telling me it was given to them by one of my creditors so it is a valid address. The thing that is funny is it is my daughter's name.