PAYING Experian CMS to Provide their BUYERS (CAs) Instant information-->Monitoring Us!

[LifeSAVERS]

I am one of those that believes in a level playing field for all in life.  Everybody does their part to the best of their ability, sometimes requiring help from others along the way.  Honestly, I believed that paying Experian monthly for the past 2 years to assist with monitoring my credit file and providing up to date information for me in order to pull things back together, and move forward in a positive manner.  

What I have found is the following:

* Calls placed to the monitoring service, which appears to be Experian, by all Logo all over the pages when entered into the 3 credit report monitoring system, is in fact another company, not yet sure if a subsidiary (legally or just verbally by CSRs) of Experian, has not been able to provide any detail to a questions regarding TLs on my account.  They are "not able to see" date of last payment, payment history, etc., so when I call with a question, everytime I have called, they ask if I want to be transferred to Experian "dispute department".  When I state that I thought I was talking to Experian, I am told that my questions have to be handled through Experian "dispute department" and I am transferred...internally transferred, or externally transferred?  I have not quite figured that one out yet.

* When I recently had an item on December 12, 2013, magically appear on my report, not previously reported, no paperwork, and even today on 02/24/2014, I have not received a dunn notice (as I have read on here is required in 5 days following their reporting), I contacted Experian CMS and advised them it was disputed.  I did not know what the charge was for. I received an email the next day, in under 24 hours, that it "remains".  I again called them and asked what the item being reported was for and they stated it was for a medical bill from January 2009.  I asked how they could validate the debt so quickly, when I still  had no information regarding the TL.  They said they received it back electronically and that it just required my name and a few things verified back to them....electronically. <----REALLY!??!

I have had a growing suspicion regarding the issues I am having through communicating with Experian and decided this evening to do a little search.  I searched Experian as a service provider of consumer information to small businesses, including collection agencies.  I believe my suspicions are validated by finding their web page for "Credit Check Sevice".  Apparently, they provide a service to "businesses" to "match" consumers with those "businesses" to assist in expediting the information to pursue collection of a debt.

The following is cut and pasted directly from their "Credit Check Services" Website:

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"Credit Check Services: Credit Profile Report Make Informed Decisions About New Customers and Potential Employees

Acquire new business faster by taking the guesswork out of assessing new customers and accounts. Credit Profile Report provides data generated by Experian's File OneSM system to give you the most accurate and comprehensive consumer credit information available. Factual credit information also offers insight into how a prospective employee handles his or her financial obligations, which helps you make informed hiring decisions quickly and cost-effectively.

Features and Benefits

• Provides access to current information on more than 220 million credit-active consumers nationwide
• Employs the industry's best search-and-match logic to help you locate your most challenging debtors or applicants instantly <----REALLY!??!

(Honestly, I am freaking out a bit at reading the above statement, as I now feel that by signing up with them (Experian CMS) and PAYING them for my credit file information, I am actually, paying them to provide my information to their "Buyers" ....thus the comment from them that they were able to validate my information from the dispute electronically!  My thoughts, they already had it in their system for their buyer...the CA.)

• Creates easy-to-read reports that group similar data elements for fast, simple analysis
• Eliminates multiple inquiries and replaces manual searches <----REALLY!??! ...electronically!

Maximize Your Collections

• Take action where your recovery chances are greatest, based on complete credit and locator information <----REALLY!??!
• Achieve higher hit ratios and more complete files for credit and collection processing, with Experian's unique file-matching system <----REALLY!??!

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I have read over and over where other myFico members have stated that they felt, just when they were getting their rebuilding in order, an old debt, whether valid or not, just appeared without warning.  Honestly, that did happen to me in December, and honestly, Experian was appearing to side with the collection company, and honestly, it all makes sense after reading their service to their clients. As they appear to be a collecting of information service for their collection company "Clients". No wonder we are seeing things appear on our reports when we are improving our standings, since we are being "matched" and that information is going out from our reports with what appears to greater accuracy than what is being reported in!

----  Admins/Moderators/Credit Gurus....PLEASE feel free to chime in on this, I would LOVE to be told it is not as it appears!

So, I am done with Experian and going to take the $16.99 a month and add it to my son's savings for his college fund...electronically of course! <---REALLY!!

[RobertEG]

As for dispute resolution, the CRAs handle well over 95% of disputes via use of the electronic E-Oscar system.

Undrr that system, they forward a copy of your dispute to the furnisher of the dsputed information for their investigation and response, which also comes back elecronically.

Until recently, the CRAs regularly used only form containing their sumary of your dispute, and did not forward the supporting documentation to the furnisher.

The CFPB recetnly issued a notice stating that they are cracking down on E-Oscar, and requiring the CRA to also forward your supporting documentation.

In verification of any dispute, the furnisher is not required to provide their supporting documenation to the CRA or to the consumer.  They are required to conduct a reasonable investigation, and make a finding consistent with the results of their investigztion.  If they do a quick investigation and notify the CRA electronically that they verify, the CRA will almost invariably simply rubber-stamp the finding by the furnisher, and make the final determination that the accuracy is verified.  Not uncommon to occur within days.

As for parties obtaining your credit file without your autorization or without your having initiated a request for credit or insurance, and with which you have no business relationship, they would have no permissible purpose to do so other than to make a so-called promotional offer for credit.

Presumed in the advertising that you have cited is the party requesting your credit report has a permissible purpose to do so.

If you apply for credit or insurance, the credtirot has permissible purpose, and does not need your authorization.

If you are seeking employment the employer or potential employer has permissible purpose, but also needs your approval.

Debt collectors have permissible purpose, and dont need your specific authorization.

A creditor can request a listing of consumers who meet certain specified criteria from a CRA, but dont receive any account specific information from your credit file, and must, if they request such a listing, make you a firm offer for credit, identifying that they have obtained your name from a CRA lisiting.

The CRAs cannot, by law, sell your information absent some provision such as those stated above.