Equifax, Experian and TransUnion have all been ordered to pay the state of Mississippi a whopping $7.175 million dollars. In addition to that, two of those bureaus will offer the residents of Mississippi unlimited access to free credit reports over the next three years. All of this is a direct result of Attorney General Hood’s investigation into the inaction of the bureaus.
Hood, like the rest of us, knows the importance of credit reports. He knows the impact they have on the consumer’s ability to borrow money, obtain a mortgage or a student loan, rent an apartment/home, get hired for the job, and serve in the military and other federal programs. Hood noticed that the bureaus were increasingly more and more flippant to credit reporting errors. Grossly consumed with making a profit, the bureaus seemed to forget about the effect credit reporting errors can have on “the little guy.”
And so, Hood took action into his own hands. In 2013, Hood started an investigation into credit reporting practices and procedures after his office received numerous consumer complaints related to credit reporting errors. Hood discovered that it was nearly impossible to get these errors corrected, and that there were no procedures in place to comply with Mississippi law, which requires that certain debts be extinguished after three years. These debts, Hood found, were still reporting on consumer reports, in violation of Mississippi law.
Hood further found issues related to public records, specifically the reporting of civil judgments and tax liens. Credit reporting agencies were mixing up public records and putting one person’s records on another person’s credit report. Hood also learned that the bureaus were failing to report when a civil judgment was paid or dismissed.
Moreover, to cause insult to injury, Experian and TransUnion were engaged in deceptive marketing schemes. Mississippi residents were lured by either a $1 credit report or a free credit score, only to become automatically enrolled in a costly monthly credit monitoring service that they did not sign up for or want to pay for; most of them didn’t even know they had it in the first place.
Hood took on the big fight against the big corporations, and he won big for the residents of Mississippi. McCarthy Law is on a similar mission – to eradicate credit reporting errors from every consumer credit report. Whether the error is large or small, no consumer should have to live with an inaccurate reporting of their credit history. Because credit reporting agencies compile information and sell reports on nearly all consumer adults, they have an enormous responsibility on their shoulders – one that should be taken seriously and handled carefully. These reports are the basis for determining whether a consumer is offered a line of credit, a good interest rate, a place to call home and a job to put food on the table. These agencies must be stood up to, and just like Hood, McCarthy Law will fight the fight. (For more information: http://www.wtva.com/news/local/Mississippians_to_be_offered_free_credit_reports_following_AG_investigation.html)
If you think your credit report contains an inaccuracy, don’t wait a minute longer to contact McCarthy Law. At McCarthy Law, we genuinely care about your financial success and freedom, which is why we offer our credit reporting services FOR FREE! That’s right – no money ever comes out of your pocket and we promise to get your credit reporting errors corrected once and for all. Go ahead and give us a call today for an evaluation of your credit report – 1-855-867-2121. You can also visit our website at McCarthy Law. We have caring attorneys and experienced staff standing by to help you today, so what are you waiting for?
Kevin Fallon McCarthy
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