Credit reporting agencies have much power and are integral in deciding if you are worthy of getting a loan. If you have been wronged by a credit reporting agency, there are several options on reporting them.
History
Credit reporting agencies have been around for at least 100 years, at first tracking people's debts to grocery and department stores. With the advent of credit cards, their purview expanded.
Complaints
If you have a problem with the credit reporting agency, first contact the Better Business Bureau and make a complaint. They can give them a bad rating and try to resolve the issue.
Civil Action
You can also take your case to a lawyer and seek civil damages if the agency has broken any laws, such as Fair Credit Reporting Act. You may seek resolution and financial reimbursement.
Federal Trade Commission
The Federal Trade Commission is the government agency that enforces the laws that govern credit reporting agencies. They can investigate the agencies and fine them for infractions.
Misconceptions
Many people believe that the credit reporting agencies are owned by the federal government and therefore not for profit. However, they are privately owned corporations and seek a profit.
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