- Centurion Member
- Posts: 4913
- Joined: Sun May 20, 2012 4:35 pm
- Location: WI
I'm kind of on the fence about the whole thing. It is a valuable tool, granted. However if some rogue agency messes up or is vindictive, they can put collections on your report knowing it will destroy your credit. Even if you see it and dispute with the bureau, they can easily "verify" the information just by saying "it's true" essentially and it stays. Sure if you really pursue with the new government agency I've found you can get results but not everyone knows that; if you just stick to the bureau they don't care and are happy to leave it there.
Then your creditors spot it, invariably as Chase and Amex like to peek at least once a month, and the others do periodically, and spotting that let's just say is probably going to get their attention and not in a good way. So if they do AA on you, maybe even close you down, even if later you manage to get it removed from your report, the damage is done, and you have to beg your current creditors to pull you again and restore you and who knows if that works. In the meantime you've maybe paid more for insurance, been denied a job or a new place to live, or who knows what, all based on bogus information.
It's all too easy for the crooks to mess with you under our current system, and I would say it's a safe bet that fewer than 1% of them who do ever pay any sort of price for it, though I've never seen any statistics and there probably aren't any. But they very likely don't lose sleep at night worrying about getting caught with that kind of thing.
So it's really a mixed bag. I mean say some swindler steals your identity and gets credit, it's a real struggle to try to clear your name and in the meantime you will be punished as if you had done that and there isn't anything you can do about it.
It's just too easy to destroy people's hard earned credit in this country. It's one thing if you screw it up and it's another thing altogether if someone else steals your identity or you get some rogue collection agency doing it, but in the end the results can be pretty much the same thing.