HSBC Watch News Release Forum Index
Forum Name: - HSBC Finance Corporation
Topic Title: Do the major credit bureaus know about this scam?
Mon May 16, 2005 12:53 pm
I don't feel so bad anymore after reading everyone elses horror stories. I have 2 accounts opened on the same day. Both of the accounts were 'closed by credit grantor' but nearly one year apart. It states (incorrectly) that I have been late over 60 days on each account and have a balance of 26 dollars on each account. Do the major credit bureaus know about this scam, and do I only write the bureaus because the accounts are closed? Or do I dispute them?
Mon Jun 20, 2005 11:46 am
The credit bureaus don't give a hoot. They just keep reporting whatever the lenders tell them to. You dispute it, they change it, and several months later it's back.
You are dealing with a computerized system. Remember the reporting bureaus exist for the benefit of banks and other lenders. And they make their money both ways--lenders pay them for the ability to make reports and consumers pay (and pay) by having to buy reports AND scores plus the cost of sending disputes by registered mail.
No, they don't care. I'm tired of arguing with one bureau who keeps reporting the wrong address each time despite the myriad proofs of current address I've sent them. Their reply: One of your creditor's still reports the old address. You have to write and tell them to correct it." When I asked which one, the rep said she had no idea. How the ^&*() am I supposed to fix it, then?
See what I mean? Seems like the creditor is always right. Another messed up system we have to contend with.
HSBC Watch News Release Forum Index - HSBC Finance Corporation
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