To: The United States House of Representatives
Let The Consumer Decide
Congress should pass a law that gives the CONSUMER the power to select which of the three credit reporting agencies (Equifax, Experian, OR TransUnion) will review the CONSUMER'S credit applications. This will motivate the three national credit agencies (Equifax, Experian, AND TransUnion) to improve management of the CONSUMER'S credit history.
Why is this important?
After paying off our mortgage in 2011 (13 years early!), I contacted each credit reporting agency and was APPALLED at the discrepancies between the three agencies (Equifax, Experian, and TransUnion). After 8 months of mailing documents and phone calls, only Experian had corrected their misinformation. "Disinterested" is the best word to describe the customer service I received overall. Introducing competition will force these three credit agencies to actually give a damn.