Quote:
Originally Posted by xoxoxoBruce
I was under the impression Equifax, Experian, and TransUnion have files on everyone who has a credit card, bank account, or ever borrowed money.
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Correct. Anyone who learns why these things happen quickly learn what education philosophy makes it possible (and acceptable). Those people also know you have no choice. All credit bureaus have you listed if you have a bank account, job, home ownership or rental, bills, etc. The informed have long known that.
Bureaus have the right to collect and report anything they want about you. You can only restrict that information if specifically following procedures unique to each credit bureau.
Everyone should also know that regulations were imposed on these agencies so that you can obtain a free credit report from each every year. They fought that law. Be careful. They lay traps. Freecreditreport.com is not free. Annualcreditreport.com is.
Anyone in denial of what is taught in business schools is an accessory after the fact. These financial institutions need heavy handed regulation. Since they believe their purpose is profit - not serving the economy with a product.
We still have a problem discussed here in detail over a decade ago. We still have no credit protection agency that works for you. All credit protection is shaded for the benefit of financial agencies. You should have the ability to view (verify, inspect like a monthly bank statement) every credit worthy event at any time you want. That still does not exist.
Once your Social Security number is compromised, all protection is compromised. A new Social Security number should be available just like a new credit card number. That protection still does not exist. Finance companies fear it might be too hard. They forget that they are supppose to work for (serve) you.