In three lawsuits, national credit bureaus Equifax, Experian and TransUnion allegedly allowed a practice that lowers the credit scores of millions of people. Under the federal Fair Credit Reporting Act, the bureaus must follow reasonable procedures regarding accuracy of information in consumer [credit] reports. One lawsuit claims each of the bureaus knowingly allows Capital One Financial and other credit card companies to withhold the credit limits on its customers' card accounts and by omitting this information, frequently lower consumer credit score calculations. The lawsuit claims that Equifax, Experian and TransUnion violated the Act by failing to require Capital One to report all card holders' limits.
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Reader Comments
Posted by
melissa L mcclain
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melissa L mcclain
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They dont remo e things timeky there items that where paid off and they say their in collection i caed companies they say paid i sent letters.
Posted by
J
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J
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I paid my Capital One credit card balance from $3600 to zero...and my score goes DOWN 41 points. Only other change was Chase mortgage changed its name from Chase to JPMorgan Chase. Neither of these should REDUCE my score 41 points. Also - I agree, Cap one is notorious about timely reporting of balances. It too 2 cycles after my card balance went to zero for Capital One to report the lower balance.
Posted by
Florida
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Florida
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Capital One Bank reopened a CLOSED account with a minimal balance. I informed all three credit bureaus of this and only Equifax removed it. I have suffered a higher interest on car financing and am unable to refinance my home at a lower rate because of this.
Posted by
New Jersey
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New Jersey
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I am unble to get a mortgage due to this lien, which was filed in error by the state. The lien was disputed and removed by Equifiax in 2006 after recieving confirmation from the state that it was an error. However in Nov 2007 the lien is still on my report.
Posted by
Georgia
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Georgia
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Credit Bureau's by not reporting incorrect information to each other as called for in the FDCPA and the FCRA along with continuing to show time-barred debts on my credit report and instead of showing inquiries when seeking refinancing of a home or car as they are required to do have shown them all as individual inquires also causing our credit score to be unjustly lowered. This infraction along with others described above and the incorrect reporting of Captial One account have caused our scores to remain well below where they should be. This in turn has caused us damages by being turned down for credit and/or being charged high interest rates on credit we have been able to obtain.
Posted by
Virginia
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Virginia
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I have an account on my credit report from Portfolio Recovery. I did not know where this account came from I disputed this account back in April. Prior to the dispute, it showed as the account was satisfied. When I received a response back from my dispute, it stated that it was included in a Bankruptcy. I have spoke with Portfolio Recovery on several occasions who has sent me a letter and assured that they have never responded to them as this being included in a bankruptcy. I spoke with an Emily who read that they reported back to Equifax once they received the dispute that "account was paid by consumer and closed. Account not included in bankruptcy". Experian and Transunion both have this information as being correct. Equifax has given me the run around and will not fix the problem.
