Experian, Equifax, & TransUnion Have A Monopoly On A Flawed Credit Score System
August 17, 2022
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1:54Now PlayingExperian, Equifax, & TransUnion Have A Monopoly On A Flawed Credit Score System
YouTube Description
as posted by the channelThe credit score system is flawed. Check out the video to find out how.
Welcome back to Bold TV with David Grasso. Be sure to like, comment, and subscribe to Bold TV for all things Bold.
In America, everyone has a credit score, and it has the power to make or ruin your way of life. When you borrow money for goods like cars or houses, you pay significantly less if you have a good score of 720 or higher.
And what you've heard is true—people with poor credit end up paying far more through higher interest rates for the same things.
Banks view them as a dangerous bet.
And sadly, there are numerous problems with our current system.
There are numerous problems with the three organizations that assess our creditworthiness.
Some problems, such as errors, inaccuracies, and missing data, completely skew people's results.
Even worse, these three agencies have virtually little oversight.
Experian, Equifax, and TransUnion, who have all experienced significant hacks, acknowledged giving banks incorrect information and giving customers a run around when they needed help.
Big data can help to find solutions to many of these issues in our age of incredible technology.
Evidently, these businesses aren't interested in enhancing their systems to give individuals like you and me, as well as those living in rural and minority communities, a fair chance to benefit from what they should have been doing all along: providing accurate credit scores.
So if you have bad credit, let's say less than 650, according to one of these rating agencies, check to see if there are errors. There usually are.
You need to check on these businesses that don't truly care about you and me since our system is dysfunctional. Congress and politicians worldwide should make fixing America's credit rating system a top priority for the general population.
It's time for everyone to step up if these corporations aren't performing well, including lenders, the government, and us, the people, who have been continuously taken advantage of by these people.
Americans value competition, so it makes sense that they wouldn't be especially motivated to improve when only three companies monopolize a market.
The only thing that will make them ensure that you and I aren't paying too much for our next loan is public pressure.
Do you think the credit score system is flawed? Let us know in the comments below.
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