CBS's 60 Minutes reported on an FTC investigation that 1 in 5 adults have errors on their credit reports and 1 in 10 have errors that effect future credit access. In spite of dispute information, very few errors get fixed. In the 60 Minutes report, they featured a woman who disputed the error for six years and finally it got it resolved through a lawsuit.
In 2006, Experian has almost 5,000 employees in the Americas. Equifax has 6,500 employees and TransUnion has 3,600 employees. With approximately 15,000 employees total, there is a strong possibility that nearly 1,500 of them have credit errors that can't be fixed through their normal processes and this is effecting their ability to refinance their homes, get other credit cards and so on.
Wouldn't you think that if you had 500 employees, 10% of your workforce, upset with your own dispute resolution processes, that you'd be fixing the issues for everyone?
Maybe the credit services employees have special access to a different, internal process to resolve their issues. That's not fair to their customers.
Credit Services, heal thyself...and help the rest of us at the same time, please.
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