Responsibilities of teh credit bureaus.

[CreditBob]

A lot of people do not understand or are mislead in what the credit bureaus do. First off the three credit bureaus only store information just like a library. The information is shared with other creditors. The creditors such as banks, credit unions, dept. stores, etc. are the actual one's that are responsible whether or not the account information is accurate or correct. The only other thing that the credit bureaus do is dispute information that is not correct. other than that they make sure that accounts become deleted as in accordance with federal law. The credit bureau's computer system is not fool proof. Therefore it is the responsibility of each individual consumer to pull their credit report and dispute then information themselves. All consumers should pull their report from each bureau more than one time per year. I recommend getting the monmitoring service and checking each month or at least twice a month. Identity theft is out of control.

[Anonymous]

Yes and no. The data furnishers (CAs and OCs) are responsible for what goes on one's CR. However, the Big Three can and are sued regularly because they failed miserably in their duty to abide by reasonable procedures to ensure the accuracy and completeness of a consumer's CR.

CRAs can be sued:

- If they refuse to correct information when provided with proof

- If they re-insert a removed TL without notifying the consumer in writing

- If they fail to respond in a timely manner to written disputes

- If they re-age a debt