I wanna show you something. This hung up in the Des Moines credit bureaus offices for years. I’m not gonna tell you how I got it. It says…. Actually I got it on eBay. It says “the credit bureau is the guardian of credit” which frankly is kinda funny because most consumer advocates, like me, believe that the credit bureau is the Guardian of bank profits.
And in that regard, I want to say something about credit bureaus: they have a really, really tough job. They’ve got to manage the files of 200 million adult Americans and frankly, they’re victims like we are. Which is why good credit repair programs focus on the data furnishers, the source about the problems in credit reporting. So while I’m sympathetic to the plight of credit bureaus: garbage in – garbage out. They are, as I said, victims like we are of bad information.
I don’t want you to buy into the fiction that these companies, even well-meaning credit bureaus, certainly credit card companies, just because they’re giving you frequent flyer miles or something – that these companies are designed to protect you. The truth is they’re all about maximizing their own profits and when you understand that that gives you a bit of a better playing field.