The credit bureaus are for information only. They are not responsible for judicial decisions, criminal proceedings, or employment decisions. The agencies cannot talk to you about anything but their reports. If you feel that something is not right, or if you have been the victim of identity theft, you can contact one of the agencies to report it. Then the proper authorities will discuss the problem with the lender. One of the most important aspects you should know is that the agencies do not share information with each other regarding your credit status. Lenders and the credit bureaus do not normally talk about your credit history with each other. If you have a professional and believable credit reputation, and if you have been paying your bills on time, then this information is probably not of your problem. But, if you have a bad credit record, then information like that stays in your credit file whether you want it to or not.
Yet, there are many errors made on credit reports every day. There may be mistakes that results in a person's credit score being reduced. Maybe this reduction makes it impossible to get the type of credit or loan you want. Lenders and credit bureaus are unlikely to correct this unless the lender and the credit bureau have proof and only if they are disciplined enough. Unfortunately, there is no proof when it comes to smaller claims such as your credit score being downgraded due to errors discovered in a late payment on your report or a charge-off. Official government regulations do not have the same rules as credit reports, and the lender would have absolutely no way to prove the information in your report was true. Until the lender proves the information is true through legal means, and unless a Fair Credit Reporting Act (FCRA) case is opened, then the reduction of your credit score can be opened for potential discrimination and bias if it is perceived that you are not responsible with your bills.
Credit reports play a big role in your financial life, and you have a right to know what is on your report. See what information is being distributed about you on a daily basis. The right to know is one of the main reasons that consumers are more likely to demand a credit report to ensure their privacy. If you have been subjected to discrimination in favor of a negative judgment, or have been the victim of identity theft, then you do have the right to know what information is on your report.
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