Short version - the credit bureaus are indescriminately flagging credit reports as criminals if the name matches the name of someone with a criminal record, regardless of whether the social security number or other info match or not. When people order their credit reports, the credit bureaus do not release that info to them. When people eventually find out when they try to buy a car or house, and the car dealer calls the FBI when the report prints out, the credit bureau refuses to remove it from the report because it's info coming from somewhere else (the database with a criminal of the same name).
So the real question - WHY do we allow these reports to have so much influence over every aspect of our lives?Answer Question
Gosh, I hope mine wouldn't flag me as a criminal. Although, from what the article said I don't think I would ever know unless I was turned down for a loan. I haven't applied for one lately, so it's very possible.
I don't know how to answer the question about why we allow credit reports so much influence over our lives. I think in some ways it can be a useful tool to determine personal risk, however I fully acknowledge that in difficult times conditions beyond our control have have a negative effect on our credit reports and ratings and I don't think it's a fully legitimate way to determine risk. At least not alone.
Answer by QuinnMae at 10:18 AM on Dec. 19, 2012
Without it though, how would any creditor be able to determine one's risk factor for lending and interest? If someone makes a good salary and doesn't bother paying bills, how else would a potential creditor know that person is a high risk factor? Are there other ways for them to check that aren't too time consuming?
Answer by QuinnMae at 10:27 AM on Dec. 19, 2012
Answer by yourspecialkid at 12:50 PM on Dec. 19, 2012
Answer by yourspecialkid at 12:51 PM on Dec. 19, 2012
Answer by Dardenella at 2:12 PM on Dec. 19, 2012
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