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What Is An Equifax Dispute
What is an Equifax Dispute? Equifax is a 100 year old global leader in the field of business intelligence, consumer credit information, portfolio management, technological decision-making, etc. It is one of the trinity of credit rating and reporting agencies in Canada. In recent months it has attained notoriety because of the ongoing Equifax dispute debate.
It provides one of the largest databases of consumer behavioral data, enabling businesses to do analytical studies for launching new technologies and products, thereby enriching lives of the customers and also enhancing the business opportunities for manufacturers. It is also a member of Standard & Poor’s 500®index, which is an indicator of the company’s standing in the business community. However all this does not mean that there are no dissenters or criticisms.
Everyone in Canada must have heard of the Equifax Dispute in the recent months. Starting this January, Equifax sent out press releases about the rising bankruptcy cases in Canada. This, along with the exchange of credit information amongst financial institutions has made life difficult for the average citizen as it is that much more difficult for him to avail an unsecured loan or a mortgage.
As a financial research and data company, Equifax feels justified in releasing the data that bankruptcies have gone up by almost 20%. But given the scope of their data regarding an individual’s credit history, date of birth, social security information, etc. dissenters feel that they should be restrained in exchanging such sensitive information due to fear of identity theft, setting off the now infamous Equifax Dispute. Because of the immense amount of data collected and processed, inevitably there are errors which occur. Of course when such errors affect a person’s credit rating adversely it is not to be treated lightly.
There are innumerable such cases where people dispute their rating which is called Equifax dispute. The affected people are justified in their anger and clamor for restrictions on Equifax, especially as this data is compiled with no input from the person involved. Any discrepancies will generate a dispute and the time normally taken to resolve them is anywhere between 60 to 90 days.
If at the end the dispute is not resolved to the mutual satisfaction of both the parties, then the customer is allowed to add a ‘consumer statement’ presenting his side of the story. Though in theory it sounds fair, in practice, it rarely happens, unless the bad credit rating is due to an accident or illness or other such mitigating circumstances. All such transaction data are purged from the record only after six years. So once for whatever reason one has incurred a bad credit rating, it stays on your record for six years.
Although the Fair Credit Reporting Act (FCRA) allows the consumer to present their side of the story, some experts advise against it, as it is viewed by financing companies as a tacit admission of guilt. They do not care about your mitigating circumstances, but only that you defaulted on payments. So it is better to meet your monthly financial obligations and avoid an Equifax Dispute at all costs. What is an Equifax Dispute?
It provides one of the largest databases of consumer behavioral data, enabling businesses to do analytical studies for launching new technologies and products, thereby enriching lives of the customers and also enhancing the business opportunities for manufacturers. It is also a member of Standard & Poor’s 500®index, which is an indicator of the company’s standing in the business community. However all this does not mean that there are no dissenters or criticisms.
Everyone in Canada must have heard of the Equifax Dispute in the recent months. Starting this January, Equifax sent out press releases about the rising bankruptcy cases in Canada. This, along with the exchange of credit information amongst financial institutions has made life difficult for the average citizen as it is that much more difficult for him to avail an unsecured loan or a mortgage.
As a financial research and data company, Equifax feels justified in releasing the data that bankruptcies have gone up by almost 20%. But given the scope of their data regarding an individual’s credit history, date of birth, social security information, etc. dissenters feel that they should be restrained in exchanging such sensitive information due to fear of identity theft, setting off the now infamous Equifax Dispute. Because of the immense amount of data collected and processed, inevitably there are errors which occur. Of course when such errors affect a person’s credit rating adversely it is not to be treated lightly.
There are innumerable such cases where people dispute their rating which is called Equifax dispute. The affected people are justified in their anger and clamor for restrictions on Equifax, especially as this data is compiled with no input from the person involved. Any discrepancies will generate a dispute and the time normally taken to resolve them is anywhere between 60 to 90 days.
If at the end the dispute is not resolved to the mutual satisfaction of both the parties, then the customer is allowed to add a ‘consumer statement’ presenting his side of the story. Though in theory it sounds fair, in practice, it rarely happens, unless the bad credit rating is due to an accident or illness or other such mitigating circumstances. All such transaction data are purged from the record only after six years. So once for whatever reason one has incurred a bad credit rating, it stays on your record for six years.
Although the Fair Credit Reporting Act (FCRA) allows the consumer to present their side of the story, some experts advise against it, as it is viewed by financing companies as a tacit admission of guilt. They do not care about your mitigating circumstances, but only that you defaulted on payments. So it is better to meet your monthly financial obligations and avoid an Equifax Dispute at all costs. What is an Equifax Dispute?
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