Experian is NOT Your BFF
New ad campaign aimed at giving credit bureau even MORE access to your data
Credit bureaus do NOT work for consumers.
They serve the big banks and credit card companies.
Just ask anyone who has tried to correct an error on their credit report - the bureaus are NOT helpful.
Now, though, Experian is running a social media campaign (see above) aimed at getting consumers to opt-in to MORE data sharing with Experian.
The ad campaign seeks to get consumers to use Experian’s “boost” product - giving them access to your bill payment history and other financial records not typically on a credit report - so that you “might” boost your credit score.
A big win for them, with a small return (likely little at all - and a big risk) for you.
Just say no to credit bureau overreach.
The CFPB is taking Experian to court because the credit reporting giant conducted fake investigations and failed to correct errors on credit reports. These mistakes impacted access to credit, housing, and employment.
“When consumers disputed errors on their credit reports, Experian conducted sham investigations rather than properly reviewing the disputes as required by federal law,” said CFPB Director Rohit Chopra. “Credit reporting errors can have serious consequences for a family’s finances, and it is critical that credit reporting giants follow the law.”
A consistent consumer complaint is that credit bureaus fail to take corrective action - leaving consumers with erroneous information that could prevent them from accessing credit.
In the case of Experian, the company told consumers errors were corrected but then simply accepted any explanation from a creditor - often leaving erroneous entries on a consumer’s credit report.
That doesn’t sound like a BFF - not a best friend, not a financial friend, not a friend at all.
Related:
Credit Scores and Robocalls
Whether we like it or not, credit scores matter. They factor into financing for houses and cars and the information on credit reports that helps make up a credit score may be used when you go to rent an apartment or even when you get insurance.
AdvocateAndy has a great explainer on the credit bureaus! They absolutely are not your best friend! I'm a consumer advocate and one of my first reports was: Nightmare on Credit Street-How the Credit Bureaus ruined my Life!
Interesting. MNPS had a big data breach about a year ago and offered teachers free credit monitoring through Experian. Of course I signed up. Every week since then I've gotten e-mails that tell me I will improve my credit score if I get another credit card. I don't want another credit card! I have 2, and that is all I need. I get lists of credit cards and am encouraged to open up another line of credit. At first I looked at the credit card offers. I asked myself, " Why not get more credit?" But it just seemed like a hard sale, so now I just hit delete.