Some people think that credit bureaus are government agencies because of the word “bureau” for one thing. Like the Bureau of Land Management or something. But they’re not. They’re privately owned companies – a couple of them are publicly traded but they’re privately owned by the investors. These are companies that are buying and selling our personal information for profit.
Now there’s nothing wrong with that and they serve a useful purpose and certainly I, ya know, my heart goes out to them as well for trying to keep 200 million files straight but it’s important for you to remember that these are not, these credit reports, produced for-profit.. what you’ve done with your bills over your lifetime, over the last seven years anyway, that this is not official stuff. This is not like a driving record at the DMV or your marriage license at the courthouse or anything else. It’s simply a document of allegations remaining to be proved. That’s why people like you and me, consumers, have the right to ask questions about what appears in these unofficial documents called credit reports. You have the right to ask tough questions and one of the things that we hope to do for our clients at Lexington Law is direct those questions where it matters. That is not to the bureau’s, who are essentially victimized by the same bad information that we all are, but to the source. To the data furnishers, to your creditors, and anyone else who reports about you to the bureau’s because they’re obligated to answer specific questions about you in order to continue to profit as a result of reporting about you.