by Brian Wolfman
Among other things, the Fair Credit Reporting Act gives consumers the right to dispute inaccuracies on their credit reports and to have the reports corrected. That's a good thing because credit reports are amazingly inaccurate. So, you'd think that there'd be no punishment for disputing your credit report.Think again. This article in today's Washington Post explains that the fact that a consumer has disputed her credit report can undermine her ability to get a home loan, even when the consumer was correct in the dispute. Am I misreading this article?
The entire credit rating system was of course devised by the credit industry, right? So their idea of a high scoring person may have more to do with how much money can be made off that person, rather than how intelligently the person handles their finances. Any sort of dispute by a consumer anymore seems to be considered "anti-business." The type of consumer these companies like best is one who can and does spend a lot, carries a balance so they pay interest, and never questions anything. In other words, people with more money than brains.
Posted by: Cindy | Sunday, October 25, 2009 at 02:57 AM