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Mon

23

Nov

2009

Time to Quell Excessive Power of Credit Bureaus Sometimes Ruling Life or Death
Monday, 23 November 2009 21:29
by Peter Stern

During the past several decades in the U.S. there are 3 credit bureaus that have become so powerful that they can make or break American lives.

They are Equifax, Experian and Trans Union. Any one of them have the capability to cause many sleepless nights of worry for American citizens and on many levels rival the power & control efforts of the dreaded IRS.

While within minutes any credit company may provide the bureaus with negative financial information or comments on a person that can stay on an individual's credit report for up to 10 years, it may take years for an individual to get an incorrect negative documentation corrected and/or removed.

The godly power wielded by "the big 3" recently caused a woman to be determined unacceptable for a residential mortgage because the bureaus recognized her as being dead. Based on the misinformation provided by the credit bureaus, she was refused a mortgage.

The current power exhibited by the credit bureaus also may determine whether a prospective employer will hire you based on your financial credit report. Why should a person's financial status determine whether he or she is eligible to be hired for a job? Financial hardship should not be the reason for hiring a prospective employee.

It is absurd and unconscionable that entities with such little oversight have such immense power over the financial lives of American citizens and it is time to diminish the extent of that power in the best interests and personal rights of American citizens.

Peter Stern, a former director of information services, university professor and public school administrator, is a disabled Vietnam veteran who lives in Driftwood., TX.


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