Why don’t the credit reporting agencies including Equifax make it easier for you to fix your credit report?
My experience with Equifax is that they care more about the revenue from their business customers than they do about the accuracy of millions of consumer reports. It is more profitable (hundreds of millions of dollars) for Equifax to leave derogatory information on consumers’ credit reports than to correct it.
There are probably tens of thousands of Americans trying to fix their credit report on a daily basis, so Equifax has come up with an investigation system that is practically worthless. This is done deliberately. The reason their system is not thorough is because a more thorough system would cost money and take away from their handsome profits.
Equifax doesn’t care about accurate consumer credit reports, they care about profits. Until it becomes more expensive for Equifax to keep incorrect information on consumers’ credit reports, they will continue their anti-consumer practices. One way consumers can help fix the problem is by not backing down and standing up to Equifax. The Fair Credit Reporting Act law helps protect consumers, but you have to know how to use it to your advantage. More on how to stand up to the credit reporting agencies in a future post.