Credit Bureaus: The Myth

There are few mysterious beings feared by the masses like the Credit Bureaus. This isn't a laughing matter. The Credit Bureaus rank up there in things people fear with death, public speaking and Jabba the Hut's breath. For some reason the general feel about Credit Bureaus is that they are untouchable and one should never do anything to upset the Credit Bureau Gods. This section is meant to totally debunk this theory/fear. After reading this you will no longer have to be a slave of the unseen evil powers of the Credit Bureaus.

1. The Credit Bureaus are not an arm of the government.
2. The Credit Bureaus are for profit companies and just like any other business they are out to make money.
3. The Credit Bureaus simply collect data and then put this data in a report called a credit report.
4. The Credit Bureaus are unbiased to the information they collect. They don't care if your credit is good or bad, either way, they make money by keeping track of your data.
   
5. The Credit Bureaus make money by charging businesses and consumers to access credit reports.
6. The Credit Bureaus don't discern if information on a credit report is accurate or inaccurate. They simply report the information provided by a creditor.
7. The Credit Bureaus have rules and regulations they must follow as it pertains to consumer credit reports. These regulations are outlined by the Fair Credit Reporting Act (FCRA).
8. The Credit Bureaus are highly regulated by both state and government agencies ensuring fair and accurate reporting of data.

And the curtain has been pulled away.... The Credit Bureaus are just little old men pretending to be scary beings and we help them out by buying into the myth! Credit Bureaus simply report data, Thats it! You don't have to be scared of the Credit Bureaus. I repeat. You don't have to be scared of the Credit Bureaus. In the game of Credit, the Credit Bureaus are just the score keepers. You control your Credit, it doesn't control you.


For questions for the Credit Jedi send an email to: question@thecreditjedi.com