Wednesday, October 31, 2018

Experian is Eeeerrilllyy Ironic

I know that this is an advertisement intended for companies who buy customer data (marketing lists) from Experian for marketing purposes.

But, as a credit repair profressional, I find it very ironic that Experian is pointing out the obvious in the errors that are all over the data that it sells to financial institutions in the form of Credit Reports.

The FCRA demands 100% accuracy in the data that is sold to financial institutions - Banks, Credit Unions, Dealerships, any entity who "pulls credit". These entities are buying a credit report every time they use the term "pull credit". In the credit repair industry, our clients in the Mortgage and Automotive space are able to share the original credit reports that they "pull" from Experian. There are errors all over the reports. Missing information primarilly. How can a credit item be 100% accurate if anything is missing? Missing dates of last activity, missing payment history, there is rarely any account listed, good or bad that is displaying information 100% accurately.

How can this be? Eerie Errors Hidden in the Data?

This looks to me that Experian earned 4.335 Billion $ Dollars (USD) of revenue in 2017.

If a company earns 4.335 BILLION dollars, then one would assume that there are safeguards, systems, policies and procedures in place that would demand compliance with United States Federal Laws, mainly the Fair Credit Reporting Act which demands 100% accuracy in the data that it is selling.

Go figure ....

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