Credit Data and Scoring

Chapter Eight

Can credit errors be fixed? Probably not

Abstract

Data errors in credit reports are essentially unfixable. An individual does not pay the CRAs for collecting his/her data, nor is there an incentive for making the data correct. In 2003, Leonard Bennett testified before the House Subcommittee on Financial Institutions about the e-OSCAR process, which pretends to correct errors in credit reports but rarely does. This is a process that converts all arguments and evidence into a two-digit code, which is sent to creditors, who typically have software respond that there is no problem. While regulations pay lip service to the notion that credit reports should be accurate and complete, mine is not, and I attempted to file a dispute ...