The ONE Thing to Know About Your Credit Report? Sorry 60 Minutes – I Don’t Think So!

60 Minutes 40 Million Mistakes The ONE Thing to Know About Your Credit Report?  Sorry 60 Minutes – I Don’t Think So!

Just watched an excellent piece on 60 Minutes about the big 3 credit bureaus – Equifax, Experian, and TransUnion – titled; 40 Million Mistakes: Is your credit report accurate?  Any time I see a reputable and award winning newsmagazine like 60 Minutes taking this subject on, I have to applaud them.

Yet, I’m always left thinking the same things at the end; why didn’t they take this further; why didn’t they give the average amateur consumer watching,  some actionable intelligence they could actually use when disputing credit errors?

Why Didn’t 60 Minutes Call in the Big Guns?

As a person who is pretty well versed on the subject, I would have liked to have heard from 2 experts on the credit bureaus; John Ulzheimer and Evan Hendricks.  Evan Hendricks wrote the book on credit scores and credit reports and is frequently sitting on the opposite side of the table when the credit bureaus are being sued by a consumer to correct errors on their credit reports.

John is equally well versed on all things credit with one caveat; he’s an industry insider having worked for both Equifax Credit Information Services and The Fair Isaac Corporation (inventors of the FICO® credit scoring system).  In fact, he brags on his website that he is proud to call many of the largest banks, collection agencies, debt buyers and insurance companies his clients and therein lays the difference between the two; John is a credit expert with ties to the industry and Evan is a consumer advocate.

I would be curious to find out if either was asked to appear in this segment as their input would have greatly enhanced the segment for 60 minutes!

60 Minutes OT Misses The Mark

60 Minutes OT 300x166 The ONE Thing to Know About Your Credit Report?  Sorry 60 Minutes – I Don’t Think So!

I give 60 minutes mad props for taking on this issue but their Over-Time segment could have been so much better.  Again, instead of hearing from the producers, why didn’t we hear from Evan Hendricks?  The one thing to know about your credit report, according to these producers, was to check your credit at annualcreditreport.com;  Really?  This is the one thing we should know as amateur consumers?

Had they checked with this blog or viewed my free Better Credit Blueprint Video Lecture Series, they would have known that by pulling a report from annualcreditreport.com, you are getting a “credit disclosure”, not a “subscriber version” credit report.  Do you know the difference?  They would have also known that by disputing errors from a report obtained from annualcreditreport.com, the bureaus would have 45 days in which to respond to your dispute instead of 30.  Did you know this fact?

The Best Guardian of Your Economic Reputation is YOU

At the end of the day, this truly is the bottom line! But the only way to protect yourself is to become a better, more informed consumer.  Especially if you are participating in this increasingly dependent on credit society we live in today! (which I’m not)

Here’s a Free way you can accomplish this; sign up for my video lecture series available on the Udemy Platform and if you can honestly tell me you’re not a more informed consumer after watching these free videos, then I’ll give you back every single penny  you paid for it!  Oh, wait a minute; IT”S FREE :)  So the only thing that would stop you from becoming a more informed consumer is YOU!

Please leave a comment below as I would love to hear what you thought about the 60 minutes segment!  If you liked this post, please share it with your friends as well.



Comments

  1. This is just like my World Of Wine Lou. I thank the Argentines for introducing people to the grape Malbec but yet the Southwest village of Madiran in France has been producing the Grape since 50bc. In all subject matters like this 60 Minute Piece about Credit Report Disputes. All they did was to highlight the problems that exist with the system and how 40 million people plus are victims of these agencies and there is no way to speak to a human being to get the problem resolved. The disturbing part of the segment was that like every other Big Corporation the people you are disputing with are sitting in some distant third world Country and can’t do anything to help you. It’s a vicious cycle of getting nowhere. I learned nothing from this segment as a fellow Amateur Consumer than what I already know…The Credit Bureaus Are F@#KED UP and if you are a VICTIM following protocol will cause you years of aggravation talking to a Mr Gandhi in India. The bottom line is what this segment was missing some form of information as to what can an Amateur Consumer do to take this bull by the horns and fix this crap because people’s lives are destroyed by these mistakes. I think this where you and I come from the same genes. The New Yorker in us knows not to follow the rules and don’t expect the “SYSTEM” To fix problems like this. Seek out information from a well versed person like yourself or a Consumer Advocate who has dealt and resolved issues like this before. Thank You 60 Minutes for alerting Millions of Viewers about Credit Report Screw Ups but No Thank You For Telling us Information from Experts as to how to fix them. We as Amateur Consumers can’t just sit back and put our lives in the hand of a man or woman sitting in a cubicle or cave in Pakistan answering phone calls for Equifax. We can control our own DESTINY. Screw the Protocol. Seek Help and Fight These Bastards!!!…. Good Article Lou!

    • Larry Baker, I have one thing to say; You NAILED IT! Thank you for the excellent and thoughtful comment and joining the conversation. I love 60 minutes and with the audience they have watching their show, they could have, at the very least, given some excellent actionable intelligence on their 60 Minutes Over-Time section.

      They also missed a wonderful opportunity to have a consumer advocate point of view by having someone like Evan Hendricks on the show! Great comment!

      • Sista42 says:

        Thank you for this piece because both of you hit the nail on the head. I have been attempting to dispute a charge from Verizon on my report that is false and after 3 attempts back and forth I was advised to contact Verizon directly and so I did. According to Verizon they corrected the error and would report the update this was several months ago and last I checked this $140 inaccurate charge is showing on my report now as having a 0 balance. My problem is this bill was never incurred and should not be an item on my report at all. It is a vicious cycle and the other vidious culprits out there are the law firms promising to assist you with clearing these errors and/or investigate if your rights have been violated under the FCRA??? If they do not find enough discrepancies where they could profit then they say they can not assist any further and send you back to the wheel of disputing these errors on your own. Forget about trying to resolve issues directly with collection agencies even once you prove the debt is cleared or non-existent SMDH…

  2. Sista42 says:

    ” sign up for my video lecture series available on the Udemy Platform and if you can honestly tell me you’re not a more informed consumer after watching these free videos,”
    How can I sign up?

  3. RT says:

    Great article..im facebooking this lol

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