Tuesday, April 12, 2011

Experian Credit Bureau...violates consumer rights! Thumbs nose @ Federal Trade Commission watchdog!

In spite of being dinged with a class action lawsuit for Violations of Consumer Rights pursuant to the Fair Credit Reporting Act – and agreeing to an out-of-court settlement to compensate Plaintiffs for damages suffered - Experian Credit Bureau (and the staff employed at the credit reporting agency) continues to thumb its nose at the Federal Trade Commission (the Government Agency which brought the lawsuit).

Post: 03/22/2011

For example, if a U.S. resident spies a delinquent account on their credit report – and seeks to delete it – they are given the run-around.

Once contact has been made, Experian proceeds to exacerbate the complainant’s suffering by making excessive endless demands for proof of identity in a deceitful bold-faced effort to stall-and-delay the process (and ultimately cover-up) their wrongful illegal conduct.

If a debtor points out that pursuant to the terms of the settlement agreement with the court of jurisdiction, Experian is required to make the corrections quickly in a prompt professional manner, employees snicker and laugh off the notion.

One telephone operator scoffed in response.

“I can't discuss that lawsuit, Sir! It's pending."


Experian settled to avoid further scrutiny!

In fact, any bold-faced efforts to discuss the litigation titled  – White, et al vs. Experian Information Services, et al - may result in a hang-up!

Although Experian is supposed to simply report credit data, it is evident from their highly questionable business practices, that they are in “cahoots” with credit grantors (and doing their bidding).

Just try to erase an account one of their “clients” alleges is true and correct!

And, in spite of the fact an individual who is denied credit is entitled to a copy of their credit report for free - Experian attempts to foist a fee ($7.00) on unsuspecting victims who are not familiar with the binding laws of the land in respect to credit reporting practices.

Experian is also guilty of “damaging” an individual’s credit rating by virtue of a fraud alert system they have instituted which confuses Credit grantors.

For instance, if a debtor has been a victim of Identity Theft, they may instruct Experian (and the other two credit bureaus) to post a FRAUD ALERT on their credit report which requires a company double-check the applicant’s request for credit by contacting the individual personally.

However, there are two problems with this practice.

In the event an individual applies for a credit card online, the Bank may generate a “pop up” questionnaire which splashes up on the computer screen with a list of questions for the applicant to answer.

For instance, if the individual has a car loan, they may be asked who financed the vehicle, what the monthly payments are, etc.

Unfortunately, on occasion, the credit bureau has the name of the Corporate entity in their records which may be unknown (and not readily available) to the individual.

In that event, the question will be answered incorrectly, and their credit request will summarily be denied.

But, there is a bigger problem which often arises, which is more sinister.

Credit grantors often misconstrue that a FRAUD ALERT on a credit report signals that the applicant has committed “fraud”, at which point, the credit application is not only denied – but, quite possibly – reported to a law enforcement agency!

What a dilemma for the innocent victim to be embroiled in through no fault of their own!

Notwithstanding, it should be noted, that getting a FRAUD ALERT deleted at any one of the three major credit bureaus is next to impossible (in spite of the fact the individual is entitled to have it removed without questions asked pursuant to the Fair Credit Reporting Act.

The nightmare is further heightened when the consumer is forced to deal with incompetent hateful employees (rude, stupid losers, with all the personality of a worm) who have been instructed by upper level management to - “deny” “deny” “deny” - with the specific aim of mitigating their liability for damages (and prevent prosecution for rights violations).

Bottom line?

In view of the fact the three major credit bureaus are continuing to ignore the Fair Credit Reporting Act – and consumer rights – it is obviously that the Federal Trade Commission has no teeth.

A slap in the wrist just doesn’t cut it in the final analysis.

Maybe some heads will have to roll at the Federal Trade Commission before justice is served and the appropriate companies (and individuals) are duly punished.

There outta be a law, Mr. President!


Consumer watchdog has no bite!