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False reporting to easy for companies
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I recently had an auto loan that I have been paying on for about 8 months. I got into a car wreck and the car was totaled. My insurance company issued a settlement within one week and paid majority of the car loan off. There was a $2000 deficiency. However, I went an received another loan from the same company for a new car, they took the deficiency and financed it into the new loan. All of this happened within about 2 - 3 weeks of my accident. The pay off, the new car and loan.

So after a week, I receive an alert from the credit bureau stating that the company reported the deficiency as a "bad debt, collection or skip". It went form paid as agreed to bad debt. I was never late ever. Of course I called the company and I am working this out.

However my grief it completely with these credit reporting agencies because this incident recognizes that there is absolutely no security layer for any company reporting to these agencies having to submit "legitimate, accurate and absolutely true" information. They are able to report whatever they please and it affects my credit. Of course it will be a battle for me to get this off even though the information is totally false.

If a credit bureau reports my personal information, it should be held accountable for any information placed on my file, they need to prove that I actually owe this and not give companies the sole access to place any information at their leisure. I paid my loan on time, the company received a lump sum and the loan was paid of 3 years early but yet they managed to report negative information. It wasn't even 30 days or 60 days. It was 7 days and it was not even delinquent or late. But yet it was able to be reported that way.

I think there needs to be some type of accountability and penalty in place if these agencies do not verify and when I mean verify it needs to be dealt with the consumer. companies should be required to file with the consumer that an amount is being placed on your credit file and there needs to be a dispute period BEFORE it can be placed on your credit.

The same way the justice system has to proof your guilt beyond of the reasonable doubt, credit reporting agencies need to be required to do the same. Seems like you can place something on someone's credit file within 30 seconds but false information takes months and a lot of back and forth effort to get it removed.
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User Replies:
tnchuck100 on 01/12/2011:
There may be some help here. Check it out.

Fair Credit Reporting Act (FCRA)
saj80 on 01/12/2011:
First, you are wrong in blaming the credit bureaus, as they only report the information reported to them. You are also wrong that there is nothing to prevent companies from reporting erroneous information, as federal regulations dictate that only true and accurate information can be sent. Sometimes mistakes are made, but the original reporting institution can correct this by you merely filing a dispute with the credit bureaus regarding the specific debt and error.
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Error in reporting mileage
Posted by on
SCHAUMBURG, ILLINOIS -- On 4/29/10 I listed my 2002 corvette on Ebay. listing 260594436470.one reported mileage reading on 4/22/05 was 49939.another one on 4/22/05 was 80369.I don't think it is possible to put that many miles on an automobile inside of one day. I am asking for a review of these readings to correct this mistake. to leave this as it is makes it seem like the odometer has been tampered with, and therefore depreciates the value of this car. this car has consistent mileage until the second reading on 4/22/05.I really don't know any other way to resolve this issue. hopefully this can be fixed thanks montecarl1944@AOL. com
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saj80 on 04/30/2010:
I'm confused; don't you enter the mileage when you post your item on eBay? Perhaps someone else can make sense of this, because I am totally lost as to your complaint and question, which seems to be better aimed toward eBay.
Jimmy on 06/23/2011:
this makes perfect sense to me... when you list on eBay it requires your VIN and automatically includes an AutoCheck report. That AustoCheck report has errors in it and it is diminishing the value of his vehicle.

I just now listed a vehicle for sale and have the same problem. I "googled" to figure out how to get it corrected and cam across this post. Hopefully it helps you better understand the dilemma of the OP.
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Free Credit Score And Free Credit Report
Posted by on
NEW JERSEY -- They say it is free, but you need to pay $5.95. $5.95 is not free.
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Anonymous on 07/31/2008:
I believe the site you were probably looking for was:
Some of the companies may try to upsell you on some extras, but if one declines, the reports from this site are free.
tnchuck100 on 07/31/2008:
Your first clue is when they ask you for a credit card number. Even when you go through annualcreditreport.com they will still attempt to get you to spend money. But you CAN actually get an absolutely free credit report. Just pay attention to what you are clicking on.
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