Two Major Credit Reporting Agencies Have Been Deceiving Us – Is Your Credit Score a Scam?

As the world is pressed ever closer to a cashless society, individual control over one’s own wealth will become a thing of the past and our personal finances will be lorded over by government and the ‘official’ agencies contracted to manage our financial lives. The pieces are already in place, as is evidenced by the ubiquitousness of credit reporting agencies, and in this brave new world your credit score will be even more important than it is now.

“Managed by a handful of private companies and based on secret scoring processes, credit reports can have a dramatic impact on the financial prospects and overall lives of individuals and organizations. But though credit rating plays a necessary role in the overall banking system, the industry’s approach to assessing creditworthiness can harm both consumers and lenders. [Source]

Today, you cannot rent a place to live without a credit report and if you try to sign your children up for the local soccer team you might even find yourself having to authorize a full credit check which will consult one of several major credit reporting agencies who keep track of your financial well-being.

This layer of financial oversight is a fairly new construct in our world, as noted by Credit Karma. “The Fair Credit Reporting Act, which first sought to regulate the reporting of credit information, was only passed through Congress in 1970. Furthermore, the FICO score as we know it today wasn’t introduced until 1989.”

It turns out, however, that some of these institutions are defrauding the American public, as revealed by an investigation led by The Consumer Financial Protection Bureau, which found that two of the major credit reporting agencies have been deceiving Americans about the fees they charge and about the reports they provide.

“…the Consumer Financial Protection Bureau announced that two of the three major credit-reporting agencies responsible for doling out those scores—Equifax and Transunion—have been deceiving and taking advantage of Americans. The Bureau ordered the agencies to pay more than $23 million in fines and restitution.” [Source]

Furthermore, as explained by The Atlantic:

“In their investigation, the Bureau found that the two agencies had been misrepresenting the scores provided to consumers, telling them that the score reports they received were the same reports that lenders and businesses received, when, in fact, they were not. The investigation also found problems with the way the agencies advertised their products, using promotions that suggested that their credit reports were either free or cost only $1. According to the CFPB the agencies did not properly disclose that after a trial of seven to 30 days, individuals would be enrolled in a full-price subscription, which could total $16 or more per month. The Bureau also found Equifax to be in violation of the Fair Credit Reporting Act, which states that the agencies must provide one free report every 12 months made available at a central site. Before viewing their free report, consumers were forced to view advertisements for Equifax, which is prohibited by law.” [Source]

In short, these agencies are abusing their power for their own financial gain, which is typical of high level government contracting agencies, and one of the best reasons to resist the global push for a cashless society based on regulated digital currencies and credit scores.

“Much of an individual’s ability to improve his or her finances is predicated on his or her ability to maintain a high credit score. To do that, he or she needs to be able to see accurate credit reports that reflect the information that lenders see when they assess them. The actions of Equifax and Transunion prevented that.” [Source]

Isaac Davis is a staff writer for and Survival Tips blog. He is an outspoken advocate of liberty and of a voluntary society. He is an avid reader of history and passionate about becoming self-sufficient to break free of the control matrix. Follow him on Facebook, here.

This article (Two Major Credit Reporting Agencies Have Been Deceiving Us – Is Your Credit Score a Scam?) was originally created and published by Waking Times and is published here under a Creative Commons license with attribution to Isaac Davis and It may be re-posted freely with proper attribution, author bio, and this copyright statement.

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8 Responses to Two Major Credit Reporting Agencies Have Been Deceiving Us – Is Your Credit Score a Scam?

  1. wispymoon says:

    When we were in market for a new home, we paid and subscribed to a credit watching application. We were repairing and raising our scores and paid for real time scores. 6 times we tried getting a loan from the bank with our report in hand and 6 times, they came back with their own report reading 500+ point diffrence. It was insane and another hit on our credit report which then dropped our score more!

  2. Help Yourself says:

    Write to each one of the credit scammers and have your credit information locked. This way, they bastards can not make money off the sharing of your information to unauthorized inquiries. No more offers in the mail for you.

  3. lloyd Lisco says:

    If you Pay your way with CASH you do not need Credit or these Credit Reporting Scammers. Rather than pay interest on loans, Save your Money until you can walk into that Car Dealership with cash and buy that new Car at a One Third Discount.

    • Ann Tenna says:

      You are so right Lloyd… we never never bought a NEW car.. never paid more than $4000 for used and my 1997 ford Aspire i bought in 2004 form $850 on Ebay is still running great with its second 4cyl engine and 6th set of tires and 13 trips to Fla beaches

  4. Liberty Valance says:

    A method of people control. I once had to threaten to sue all three of the credit bureaus

    because they sell my info for profit, but refuse to not post identify theft info against my so called record. Pissed all three off. They locked down my credit to the point I could not get credit. They are a private business, study what can be done against liars if that is the case. All computer systems such as the credit bureau software should have a person lock control that prevents only your authorized list to see the data.

  5. MA in MO says:

    I am not even going to read this article, because the answer to this question — “….is your credit score a scam….” — is a huge big shout out YES!!! Some years ago , when I was getting ready to retire, I thought it would be a good idea to check the “Big 3” credit score agencies and make sure everything was a Ok. Wow what an absolute shock I had. I had never done this before, but we do pay our bills on time. All three agencies had errors and when I tried to correct them, I was basically told in no uncertain words “that they knew more about me than I did.” This included having my husband living at an address that he had never ever ever lived at!!! I gave up. Fortunately we are at a stage in life where our so-called ‘credit score’ matters not to us!!!!!

  6. VirgoVince says:

    There is ENTIRELY TOO MUCH personal info being posted for public view, that
    SHOULD NOT BE! ONLY ‘certain people’ (with OUR permission) SHOULD have access to specific info, but NOT just anyone who’s curious (nosey)!
    Tampering IS UNacceptable, as much as FALSE ENTRIES or REPORTS!
    BAD reports ARE very often, FALSE, BUT same is true of GOOD reports!

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