The Truth About The Credit Bureaus

The Truth About The Credit Bureaus

Are you under the impression that there is some relationship between the credit bureaus and the government? Credit repair expert Jim Kemish offers some insights.

Not a Friendly Service

In a recent blog entry I wrote, “Significant legislation has been enacted to protect you from the impact of the credit bureau’s inaccuracies. The right that you have to receive copies of your three credit reports for free on an annual basis is not a friendly public service by the credit bureaus. The bureaus have been required to provide this service as one of the protective measures included in the Fair and Accurate Credit Transactions Act. Your credit report can have a major impact on your financial life. Give your credit the attention that it deserves and review your reports regularly.”

A Reader Responds

A reader responded by asking, “I’ve read that the credit bureaus are regulated by the Federal Trade Commission. Doesn’t this indicate a relationship with the government?” Below is my reply along with some additional thoughts on the subject.

The Credit Bureaus are Not Government Agencies

I replied that, “The relationship between the credit bureaus and the government is the same as the relationship that you have with the government. Because your actions are conscripted by law does not in anyway suggest that you are necessarily a law abiding citizen (although I’m sure that you are!). As many people live in a constant adversarial relationship with the government, so do many large businesses. The credit bureaus happen to be constantly at odds with the law. Given the potential impact that credit reporting errors can have on your financial life, I strongly suggest that you modify your opinion of the bureaus enough to be very cautious of the content of your credit report.”

Strictly For Profit

One of the unfortunate underlying assumptions that people, like the above reader, have in their attitude towards the credit bureaus is that the bureaus have some form of official status. This could not be farther from the truth. They are strictly for profit businesses. Experian and Equifax are publicly traded companies and list their revenues in the billions of dollars. Trans Union is a privately held company with revenues estimated also in the billions. The three credit bureaus have maintained a consistently adversarial relationship with the government and consumers throughout their histories.

An Adversarial Relationship

An adversarial relationship with the public is not unusual for large businesses. All activities are chosen for the purpose of producing profits. The history of lawsuits brought against the bureaus over time paint a clear picture. The office of the Attorney General of Florida is currently pursuing action against Experian relating to misleading claims, deceptive advertising, a misleading domain name (freecreditreport.com), and failure to honor cancellations to their credit monitoring service offered through this so-called free credit report website.

A History of Conflict

The type of behavior described by the Office of the Attorney General of Florida is consistent with countless charges against the three bureaus. In the 1970s Equifax was charged with rewarding its employees for collecting negative information on consumers. This charge, which resulted in a consent decree, provides an interesting hint about the corporate culture.

Experian Gets an “F”

In 2006 a leading consumer advocate website rated the customer service offered by the three bureaus. The ratings were dismal including a grade of “F” given to Experian, who was sited for not even providing customers with a customer service telephone number. Credit repair is not on the priority list at the credit bureaus!

Nothing Has Changed

The above mentioned consumer advocate site has a current post that says, “With the 2003 amendments to the FCRA, and the introduction of the FACT Act, millions of consumers will see the quality of their credit reports degrade even further. FACT stands for Fair and Accurate Credit Transaction Act, but in reality it is just our government trying to appease millions of consumer who complain about the current credit reporting industry. But they are only appeasing us in name only…”

The Forces at Work

We have been assisting our customers with credit repair since 1989 and as such have dealt with the three bureaus on a consistent basis. There are two major forces at work that shape the behavior of the credit bureaus. The first major force is the need to maximize and protect profits which may result in decisions about operating policy that are not in the best interest of the public. The second force that conspires with the profit motive is the sheer bulk of data that the credit bureaus are trying to manage and maintain. The result has been widespread and serious errors on consumer reports combined with a horrible corporate bureaucratic resistance to fixing the problem. So check your credit reports regularly.

Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.

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Postcard Marketing – Hands Off Example no. 2 – Speakers Bureaus

Postcard Advertising – Hands Off Case Study #2 – Speakers Bureaus

Listed here is a postcard campaign that was lucrative in my situation some years straight back.

To get more speaking engagements, i desired to be represented by more speakers bureaus. But bureaus were inundated with information kits and telephone calls from wannabes.

For that reason, I made a decision to provide to assist bureaus marketplace themselves much better. This might cut through the clutter, and I also’d arrive at their interest as an advertising expert and a speaker on marketing, in a back-handed way.

We obtained a subscriber list of administrators of speakers bureaus and produced a postcard containing one of my advertising and marketing instant updates. Besides the total text of my 180-word Marketing instant, the card welcomed them a subscription for tips about developing their particular business from my no-cost weekly e-mail newsletter.

Six times within one 12 months, we mailed a card such as this on speakers bureau directors. The card was equivalent each and every time except it included the writing of another type of Marketing Minute.

When I did this campaign, it had been prior to the introduction of internet based postcard advertising companies. I changed the master file during my computer, took a printout of this card items to my local Kinko’s, they printed within the cards on card stock they slashed into quarters, I stuck on the bureau mailing labels and stamps, last but not least dropped them in the post-office.

Today, the process is much easier. You are able to design a postcard template online, reduce and paste brand-new content involved with it per new mailing, upload the info declare the postcard recipients just once, and also PostcardBuilder.com or any other web postcard print-and-mail business print and deliver the cards for your needs. There is no should touch or wreak havoc on mailing labels, stamps or the postcards. Simply put the order and it’s done.

And my outcomes? One bureau owner hired me for copywriting through the very first mailing and prearranged a speaking engagement for me personally a-year later on. Three other bureau proprietors we mailed to added us to their roster, with two additional bookings appearing out of that. Many bureau proprietors joined up with my advertising instant number and purchased services or products from myself many years later, or referred others who performed therefore.

Economically, the promotion brought me personally at the very least fifteen times the maximum amount of in incomes when I spent, with outcomes trickling in for significantly more than seven many years.

And I didn’t make just one cool telephone call to a bureau owner, which for me personally had been an unspeakably huge advantage!

Your reward from postcards could certainly be as satisfying as mine.

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Evolution Of Marriage Bureaus In India

Evolution Of Marriage Bureaus In India
If you thought arranged marriages are a thing of the past, think again. Even today in the technology driven society, career oriented GenX, finds it more convenient to go in for arranged marriage. The trend of love marriages, a range till very recent time has slowly slipped in the background.

Here HT city takes a look at changing pattern of the institution of marriage and the mediators traditionally involved in the process.

Olden Days

With a strong belief in Kundllis and Gotras, almost every family belonging to the older generation had a family Purohit (priest). Besides their regular prayers and havens, the main task of these priests was to suggest prospective matches for the children when they reached marriageable age. As the Purohits had a wide base in a number of families, they fixed a meet between the prospective in-law families, after pronouncing the kundlis satisfactory. This tradition was popular amongst the upper middle class families.

Another way through which marriages were fixed up was through the Nai and Nain (erstwhile beauticians), who also acted as mediators. Sharing this information, 76 year old Vimala, said, “Going from house to house, this class of barbers and beauticians knew the entire family history. Making suggestions for prospective matches, they were the major guiding force in getting two families together as they were trusted to have all the important information about the families.” Both upper middle and lower middle class families followed this practice.

These mediators, (today”s marriage bureaus) played an important role especially in the lower middle class families. Collecting data from several families, they came up with the names and photographs of the best possible matches that they could provide. If one of their suggestions clicked, the families then took it forward. Back then; these mediators were paid in kind.

Middle Ages

Gradually the trend of priests and barbers started declining. Mediators were still in demand, and they had siren from being mediators to owners of “Marriage Bureaus”. It was in this time that the influence of Bollywood and western showed their effect and love marriages became a growing force in the city. Talking about the change, Mahesh Gupta, owner of a marriage bureau operating for the past 30 years in the city, said, “Love marriages slowly stared gaining ground and arranged marriages took a back seat. The footfalls visiting us lessened but not by a very remarkable degree.”

Endorsing this view, Palak Sharma, a 40-year old entrepreneur, shared, “Being highly educated it was important to find the perfect match who understood my limits and did not expect me to be the perfect Bahu. I was lucky to discover my soulmate in my college. We had a love marriage and have lived a happily married life.”

21st Century

Gen X has moved one step forward. Marriage bureaus have turned into matrimonial advertisements in newspapers and sites such as Meerut based website Rishtonkasansar.com have come up. Owned and managed by Mahesh Sharma for the past 17 years, the site has fixed many successful marriages. Talking about the trend today, he said, “Arranged marriages have come back into fashion. Also, even though the tradition of pandits has come down, applications such as Kundli have given people the opportunity to get an online Kundli within a matter of minutes.”

The tradition of marriages has come a full circle albeit minus personal touch which was a major force earlier Priests today are left with the sole task of performing pujas and havens. Pandit Shiv Shankar, third in this family of pandits shared,
“My father had been involved in the task of fixing marriages. However, today not many such demands come my way.” In a similar manner the tradition of barbers and beauticians has given way to modern beauty parlours and hair cutting saloons, forcing the decline in the tradition.

Today, convience and saving time has become a priority, even in arrange marriages. Hence the rise of online and dotcome marriages are in vogue, where the girl and boy have the freedom to meet online, get to know each other and finally get married, presenting a unique mixture of traditions with technology.

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How do I obtain a free credit report from each of the major credit bureaus?

Question by SCC: How do I obtain a free credit report from each of the major credit bureaus?
I heard on CNN Headline News that you tin obtain 1 free credit report per year from each of the 4 major credit bureaus.Does anyone know the names of each credit bureau, the number to call (or address) and what you need to do to get a copy of your credit report?

Best answer:

Answer by Michelle G
http://www.annualcreditreport.comIt’s the law that all 3 give you a freebie every year.

Know better? Leave your own answer in the comments!