What would have happened to the story of David if Goliath had been a no-show?
We waited. Nobody showed. His manager kept coming out, sort of embarrassed like, and saying that he was in his dressing room. The truth was that he did not want to face the boy. What about pride and honor? Well, this is an analogy of the credit industry.
The credit world is fraught with all sorts of characters. Shadow people that lurk under the veil of our free market society. They know that even if they get called up to another congressional or senate subcommittee hearing, in the end nothing will change. Fair Isaac, Trans Union, Experian, and Equifax are brought before our fearless elected “by the people” leaders to hold them accountable and…nothing happens.
However, there is a beacon of hope. It is, in a sense, the garlic that threatens these vampires to a destiny of living in fear. It is a simple, little David that threatens to take down the Goliath of the credit industry. It has been around for a long time and yet few know how to use it correctly. For those who have learned the process they wield great power. In fact it’s very acronym strike fear in the hearts of those dark lords…FCRA! Can you hear them scurrying like rats in the underworld?
The Fair Credit Reporting Act, established in 1970, was created to limit the massive power that credit bureaus and creditors have on consumers. The FCRA’s intention was to create a system of “checks and balances.” The core components of the law creates limitations on who can see a credit report, mandates how long negative information can stay on their report, and contains a number of identity theft safeguards.
The most important protections afforded by the FCRA allows consumers the right to dispute errors on their credit report. Under the law, both credit bureaus (Trans Union, Equifax, and Experian) and creditors have the responsibility to investigate disputes and correct inaccurate or incomplete information. The key is that the burden of proof is placed squarely on the shoulders of the bureaus and creditor’s to prove that the information is correct. In this realm it is not about whether the account is legitimate it is all about the credit bureaus inability to maintain accurate records.
The industry attempts to make consumers afraid of their legal rights and shroud them in some type of mystical formula. I suppose Merlin used to work for the credit scoring system, but due to the economy he got the pink slip. No one is immune to getting laid off.
In any case, the truth is never scary and always more simple than most believe. The objective of Brilliant Zoom is to provide FREE, straight forward answers to the questions we all have about understanding, achieving, and maintaining healthy credit.
Are you ready to take down some giants? Let the battle begin.
Tell me your story about dealing with creditors, credit bureaus, or the industry in general. Comment below!
