Smart Business CEO Fred Koury's column in the August issue about credit reporting agencies elicited numerous responses. Here are just a few of the letters we received.
Thank you for your timely and important column regarding the "Big 3" credit reporting agencies. I have heard horror stories affecting people's lives, both personal and business. It's always amazed me that while they all have toll-free telephone numbers, I've never known of anyone who was able to get through their busy signals or no answer status.
I've known far too many people whose interest rates on credit cards soared because of incorrect postings to their credit reports. After spending a lot of time proving their innocence, going back and forth with the agencies and then with the credit card companies, the extra interest charges are never refunded.
Something must be done to hold the credit reporting agencies responsible. Even after writing to all three, asking that I be notified of inquiries, which supposedly is in accordance with their policies, I have found this not to be so. I would be most interested in knowing how to help get these laws changed.
Susan Anzovino, paralegal, Spieth, Bell, McCurdy & Newell Co. LPA, Cleveland
Thanks for such a great article about these credit reporting agencies. It is so difficult for someone to get their report "correct," especially when the agencies have the wrong information. It's a joke that you have to pay to see what they "messed up" about your history.
We would love to see action taken so that the laws are changed.
Kathy Lautzenheiser, secretary/treasurer , DiPietro Excavating Inc., Cleveland
I read your article "Due Credit" with great interest. I'm not as familiar as I should be with Experian, Equifax and TransUnion, but from a business standpoint, I am familiar with Dun & Bradstreet. I have said to myself many times over the same thing you are saying in your article, "You shouldn't have to make sure the information they built their business on and profit from is accurate -- that's their job, not ours."
I absolutely would like to see some action taken, but please, don't limit it to the three agencies that you mention. Include Dun & Bradstreet for business credit reports and let's attack the credit nightmare in total, not just from the personal level.
Stephen T. Helfrich, chief financial officer, CTR Systems Inc., Warrendale, Penn.