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Credit rating bureaus need to provide answers regarding VIP lists to senator

By Faye Mergel
Published: Friday, May 6th, 2011

shutterstock_51734998Senator Dick Blumenthal now seeks a valid explanation from the three credit rating bureaus with regard to the New York Times report that reportedly refers to a VIP list that these bureaus apparently keep while favoring the rich and the famous over the others.

A letter was written on Monday by the Connecticut Democrat to the 3 credit reporting agencies – Equifax, TransUnion, and Experian, regarding the separate system where disputes and errors are resolved much faster and more attention is paid while the other customers should heavily rely on the outsourced and automated systems for customer support in order to correct the errors in the report.

In the letter he stated that he was deeply troubled by the implications that the majority of the consumers were neglected by these companies while preferential treatment was being meted out to the rich and famous. He wanted a confirmation or denial on the basis of these reports and also wished they could throw more light on their dispute resolution process.

He also wrote that an error-free credit report was vital to the financial health of the consumer and they should be able to resolve disputes and errors in the report at the earliest and the credit reporting bureau must fully cooperate with that. He also emphasized that every consumer deserves the cooperation from the bureau and not just the rich and famous.

However, the credit bureaus deny keeping any such list.

Tim Klein, Spokesman for Equifax in a statement to FoxNews said that they did not respond to the Senator. He also mentioned in clear terms that they did not have any such VIP list nor did they provide any preferential treatment to anyone.

Gerry Tschopp, Spokesman for Experian, stated in an email to FoxNews that they had indeed received the letter and would be replying to it shortly. He also claimed that Experian did not have any VIP list.

An Arkansas resident who was interviewed by the New York Times stated that she had been denied employment as well as credit as her filing was all mixed up with a felon who shared the same birthday as well as the name. There was another Louisiana consumer also had to struggle to get the errors removed from her credit report. These were again errors that stemmed from another mix-up with another person who had the same name and similar address and Social Security number, but was less credit worthy.

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