brad@looking.on.ca (Brad Templeton) (05/01/91)
Here is an item that came over our news service yesterday. Reproduced with permission... From: clarinews@clarinet.com (KAREN TIMMONS) Newsgroups: clari.biz.economy,clari.biz.finance.personal,clari.biz.top Subject: Study shows credit reports often inaccurate Keywords: federal government, government operation, consumer, economy, personal finance ACategory: financial Slugword: credit WASHINGTON (UPI) -- The credit reports on file for millions of Americans often contain errors that could cost consumers a good credit rating, approval for housing or even a job, a study concluded Monday. The study conducted by Consumers Union showed 48 percent of reports it reviewed from the country's three major credit reporting firms contained at least one inaccuracy and 19 percent contained a ``major'' error that could adversely affect a consumer's eligibility for credit. ``A credit report can make or break your application for credit, housing, insurance and even a job,'' said Michelle Meier, counsel for the consumer watchdog group. ``The high error rate we found indicates that lots of consumers may be at risk because of inaccurate credit reporting,'' Meier said. One participant was denied credit during the course of the study based on inaccurate information that she was delinquent in paying a $19 balance on a department store credit card. In fact, Meier said, the participant had paid off the account and returned the card to the store five years earlier. Another participant discovered information about her mother's credit history erroneously on her own credit report, including a large loan dating to when the daughter was only 11 years old. Meier said the CU study also revealed a major concern about the confidentiality of some 400 million credit reports currently on file for nearly 90 pecent of Americans. ``We found that a full 27 percent of the participants (in the study) ... indicated that third parties had gotten access to their reports without their permission,'' Meier said, adding another 27 percent reported it was ``difficult to tell'' by reading the reports if others had been given access. ``One of our participants reported back to us that when she received her report, another report, that of a stranger, ... was attached to her report,'' Meier said. The CU study involved 161 credit reports on file with the contry's three major credit reporting firms: Equifax, Trans Union, and TRW Credit Data. Participants were primarily CU employees based in Washington, New York, San Francisco, and Austin, Texas. Meier said even though the study included a relatively small sampling, the findings mirror those of earlier reports and indicate continuing problems with both accuracy and confidentiality within the credit reporting industry. Industry figures show each year about 9 million consumers ask to see copies of their credit reports and of these some 3 million request corrections, she said. ``One of the problems is we really don't know how many consumers have inaccuracies in their reports because many don't ever ask,'' said Bill McGuire, author of a report on the study in the May issue of CU's ``Consumer Reports'' magazine. Meier said the cost of obtaining a copy of one's credit report, often as high as $20, is prohibitive for many consumers, particularly if reports are on file at all of the ``big three'' firms. While some states have placed a cap on the amount that can be charged their residents for copies, Meier said CU supports federal legislation that would allow consumers to obtain one free copy annually. More importantly, she said, Congress needs to enact laws that would help ensure the accuracy and privacy of credit reports. ``Congress has to get the credit reporting industry to clean up their files,'' she said. -- Brad Templeton, ClariNet Communications Corp. -- Waterloo, Ontario 519/884-7473
gl8f@astsun7.astro.Virginia.EDU (Greg Lindahl) (05/01/91)
In article <1991Apr30.173216.16716@looking.on.ca> brad@looking.on.ca (Brad Templeton) writes: > WASHINGTON (UPI) -- The credit reports on file for millions of >Americans often contain errors that could cost consumers a good credit >rating, approval for housing or even a job, a study concluded Monday. The fun thing about this article is that it appeared in the Washington Post the same day that the NRA ran a full-page advertisement about the proposed "instant check" gun purchase system... claiming that it was obvious that such a system was possible because we already have credit databases. Sure, we can build these systems: but if they're inaccurate and employers want to misuse them to check on job applicants...
otto@fsu1.cc.fsu.edu (John Otto) (05/03/91)
In article <1991May1.153852.2427@murdoch.acc.Virginia.EDU>, gl8f@astsun7.astro.Virginia.EDU (Greg Lindahl) writes... >In article <1991Apr30.173216.16716@looking.on.ca> brad@looking.on.ca (Brad Templeton) writes: > >> WASHINGTON (UPI) -- The credit reports on file for millions of >>Americans often contain errors that could cost consumers a good credit >>rating, approval for housing or even a job, a study concluded Monday. > >The fun thing about this article is that it appeared in the Washington >Post the same day that the NRA ran a full-page advertisement about the >proposed "instant check" gun purchase system... claiming that it was >obvious that such a system was possible because we already have credit >databases. This is the second reference (the first being an article in the Tallahassee Demagogue) to the NRA supporting a record check system. I didn't believe they would support such a thing, at first. That's worse than the 3 or 7 or 10 day waiting period they're opposing (except those implementations which allow the local blue coat gang an essentially limitless amount of time to actually clear the purchase). The Bill of Rights is definitely under attack down the line... John G. Otto jgo@fsu.bitnet jgo@rai.cc.fsu.edu
bei@d75.UUCP (bei) (05/20/91)
In article <14358.2829E9A6@fidogate.FIDONET.ORG> Tom.Jennings@f111.n125.z1.FIDONET.ORG (Tom Jennings) writes: >They are a bit on the defensive. ALl the broadcasters have refused their TV >ads, even after three passes of editing. The popular image of a 'gun owner' is >being made really ugly... just ilke pot==drug, hacker==criminal, etc etc Interestingly, one of the cable tv movie channels is plugging a dramatic piece on James Brady's shooting. The immediacy of the topic might have something to do with the 'Brady bill'... It's good copy, but will it be a balanced story? -- Bob -- Opinions expressed in this message are those of its author, except where messages by others are included with attribution. No endorsement of these opinions by Ralph Kirkley Associates or IBM should be inferred. Bob Izenberg [ ] Ralph Kirkley Associates work: 512 838 6311 [ ] bei@rt_trace.austin.ibm.com home: 512 346 7019 [ ] bei@dogface.UUCP