Well, in my opinion the credit bureaus will not want you to know this information. Those companies and the big money banks working with them would like you to keep thinking what you think and believing what you believe. However, what you don't know can hurt you to the tune of a bunch of money. No one wants that.

Where credit bureaus are concerned, there are essentially two sets of "truths." On the one hand, there is the fairly meaningless happy patter they want you to believe, which you can find repeated in just about every credit-related book and Internet site. And then, of course, there's the real truth which I'll shortly elucidate.

So what are the current beliefs? The point of this message is to wipe away the accepted norm that has been created by our friends TransUnion, Equifax, and Experian. Let's get you back up to speed on the truth and save you some of your hard earned cash in the meantime.

Myth: There are three official credit bureaus, and these beloved and vital American institutions maintain accurate records regarding the financial lives of every adult citizen.

Where do I start? That myth is so riddled with falsehood I'm not sure what to tell you first. But I'll give it a go.

First, the so-called "big three" consumer reporting agencies with which most Americans are familiar ‹ Equifax, Experian, and TransUnion ‹ truly want consumers to believe that they've each been blessed with a sanctioned franchise. Actually, the only reason such corporate behemoths now dominate the landscape is because their progenitors simply managed to swallow up each other as they battled for preeminence through the decades. Greed, not official dictum, paved their way. Even if you didn't click the historical link in the previous sentence just now (and missed out on how, for example, the company which became Equifax once used Welcome Wagon ladies to spy for them), suffice to say there is hardly anything "beloved" about these privacy-busting companies.

You should also be aware of the fact there are some new bueaus working very hard to work they're way into the system and move the big boys aside, which would be to all of our betterment. Did you know anyone could start their own credit reporting company and greedily grab all kind of private information from the people around us? Then it gets better because now you sell this information to the highest bidder. There are laws that limit this, but no one can stop you from getting into the business in the first place.

So contrary to the prevailing perceptual reality, there are no official bureaus. And while most Americans perceive their credit reports to have at least the same legal standing as their driving records, the truth is that the government had no role in establishing the for-profit companies which produce them. Put bluntly, no law mandates a credit report's existence, and such documents deserve as much respect as "The Weekly World News" supermarket tabloid or any other similarly unproven list of allegations.

And also please don't believe these companies are worrying at night about how accurate your information is. Rumor has it that there have been several studies done showing many of our credit reports have errors in them.

Resource Box

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