Aren the credit bureaus are a branch of the government, infallible, and above reproach?
The credit bureaus are publicly traded companies in business to impress stockholders. They are not government agencies. They are one of the most heavily regulated industries. The strict regulations stem from a public out cry of abuses and mistakes. A recent survey by an independent research group revealed more than 70% of credit reports contained mistakes or errors. The prevalence of errors has lead to consumer protection legislation that allows consumers to challenge the bureaus and force the removal of inaccurate, outdated or unverifiable information.
