The Fair Credit Reporting Act (the basis for the argument):

Every consumer reporting agency shall, upon request, and subject to 610(a)(1) [§ 1681h], clearly and accurately disclose to the consumer:

(1) All information in the consumer's file at the time of the request, except that nothing in this paragraph shall be construed to require a consumer reporting agency to disclose to a consumer any information concerning credit scores or any other risk scores or predictors relating to the consumer.

• Arizona Daily Star: "'A lot of people are probably going to be dissuaded because now it looks like you have to pay. This is obviously a screw-up by the company,' said Arizona Attorney General Terry Goddard."
• Associated Press: "'If consumers are being charged $9 for a report they're entitled to receive for free, that certainly is a violation of the statute,' she [FTC attorney Sandra Farrington] said."

• Equifax press release: "Equifax and Fair Isaac Introduce First Credit Score Monitoring Service"
• Fair Isaac press release (same as Equifax, above)

• FTC
  • "Your Access to Free Credit Reports" - "They are only providing free annual credit reports through www.annualcreditreport.com, 877-322-8228, and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281."
  • Press release: Credit Bureaus Announce How Consumers Can Access Free Credit Reports
  • Press release: "FTC Issues Final Rule on Free Annual Credit Reports"
• Washington Post
  • Kenneth Harney Credit reports free for some
  • Ordered by Congress to give consumers free access to their own credit reports once a year, the nation's three largest credit bureaus are turning that requirement into a marketing opportunity."
• "'We are very disappointed with the FTC,' said Travis Plunkett, legislative director for the Consumer Federation of America. 'We don't view it as an extraordinary gift by the credit bureaus that they're allowing consumers to check their own information. It should have been free a long time ago.'"

Fair Isaac: "FICO scores range from about 300 to 850."

"Bob’s columns appear in over 150 newspapers across the country, including the Washington Post, Chicago Tribune, Los Angeles Times and San Francisco Chronicle."

• Horwitz, Horwitz & Associates: "The case, which lasted more than seven years, resulted in a $7.9 million settlement that compensated thousands of consumers for illegitimate fees charged by the check processing company."
• ConsumerAffairs.com, September 7, 2004, "Equifax Check Services Bilked Consumers with 'Bad check fees'": Without class action lawsuits, it would be often be impractical for consumers to protect themselves. For instance, it would not be feasible for a single consumer to hire an attorney to sue over a $20 charge.

• "FTC Issues Final Regulation on Consumer Information and Records Disposal"
• "FTC Seeks Comments on Proposed Fee for Credit Scores"

• TSA:
  • "This test will involve commercial data aggregators who currently provide services to the banking, home mortgage and credit industries."
  • "Disclosure to consumer reporting agencies: None."
• Anchorage Daily News: "To do this, the government plans to check your name, your address, your credit card number, your home phone number, your birth date and any other information in the passenger record against commercial databases and credit reporting agencies to see if you're a risk to the traveling public."

• CFA: "Only about one-third (34%) correctly understand that credit scores indicate the risk of not repaying a loan, not factors like financial resources to pay back loans or knowledge of consumer credit."
• AP: "The survey found that a majority of Americans don't know credit scores are being used for purposes beyond borrowing."
• CBS: "The median credit score is about 725, says Janet Bodnar, executive editor of Kiplinger's Personal Finance."

• Reuters: "Charges are pending against three other people in the case."
• Bloomberg News: "NEW YORK — A former employee of a company that helps banks and other businesses access consumer-credit data stole credit histories of thousands of people, in what may be the largest identity fraud ever, prosecutors said yesterday."
• Newsday: "Although he pleaded guilty to conspiracy, wire fraud and identity theft fraud, Philip Cummings told U.S. District Judge George Daniels he did not realize the extent to which his accomplices would use the information."
• MSNBC: "The data allowed Cummings and his accomplices to impersonate firms that had rightful access to credit reports. Then they could steal credit reports at will. (picture)"
• AP: "Under a plea agreement, Cummings may be sentenced to at least 14 years in prison for conspiracy, fraud and wire fraud."

• Federal Reserve Board: Press Release, August 5, 2004 - "The Federal Reserve Board on Thursday announced that it is conducting a study on the adequacy of investigations of disputed consumer information reported to consumer reporting agencies. In connection with the study, the Board is soliciting public comment on issues that will assist in the preparation of the study."
• Paul Wenske, Kansas City Star: "The credit industry maintains it does a first-rate job."

• CNN/Money: "The survey of 2,500 randomly chosen consumers found that people deep in debt were more likely to be victims of fraud... Little surprise then that three of the top four categories of fraud are related to credit, including credit-repair scams."
• MSNBC: "Some con artists convince consumers that they can help them remove accurate, negative information from their credit report, or establish a new credit record."
• COX NEWS SERVICE: "Credit-repair scams: 2 million victims."

• FTC: "FTC Issues Final Rule on Free Annual Credit Reports" - "Under the final rule, the nationwide CRAs must establish a 'centralized source' for accepting consumer requests for free credit reports (called annual file disclosures in the final rule)."
• Michelle Singletary: "But on this issue, the commission failed to put the interest of consumers above that of private industry."
• Bankrate: "The FTC is currently working with the credit reporting agencies to figure out exactly how consumers will register their requests for a free report."
• Peter G. Miller: "One Free Credit Report Per Year? How About Three?" - "In effect, you could order a free credit report every four months once the new rule kicks in for your state -- just apply to a different credit reporting bureau."
• Kenneth Harney: "Finally, on September 1, 2005, the Eastern states will get their shot: Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia and West Virginia."
• David Hendricks, San Antonio Express-News: "What I fear is that the delay gives the credit bureaus more time to figure out how to make money from this requirement."

• "When there is an error, it is our obligation to correct it, which in 80 percent of the cases is done in 10 working days."
• "'The big credit bureaus and big business tolerate big mistakes in credit reports,' said Ed Mierzwinski , U.S. PIRG Consumer Program Director."
• "In an online poll conducted early this year, HR.BLR.com asked human resource professionals, 'How damaging is a bad credit report for applicants at your company?'"
• CNN/Money: "Credit report errors may cost you a job" - "Twenty-five percent of credit reports contain errors serious enough to deny consumers access to credit, favorable loan rates and in some cases a job, a new study said Thursday."
• Jay Fitzgerald, Boston Herald: David Rubinger, a spokesman for Atlanta-based Equifax, questioned the accuracy of PIRG's data. But he couldn't provide accuracy-inaccuracy ratios for Equifax reports.
• AP: "Serious errors found in the credit profiles maintained on some 90 percent of American adults include accounts incorrectly listed as delinquent or that actually belong to a different person, the Public Interest Research Group said in the report Thursday."
• "Also, in conducting the survey, PIRG 'unilaterally decided what is a serious error,' said Norm Magnuson of the Consumer Data Industry Association."
• Pamela Yip, Dallas Morning News: "How can the credit-reporting industry be so sloppy that one in four credit reports has errors serious enough to disqualify consumers from buying a home or opening a bank account?"

• "The jury awarded the largest compensatory damages ever awarded against a Credit Bureau."
• In reviewing the sixteen credit reports that Trans Union produced for the plaintiff, the following types of errors have been identified:... Partial reporting: credit reports are generated that do not include all of a given consumer’s credit history.

• Court OPINION [alternate link]
• Pratt's Letter: "Creditor responsibilities to investigate disputed information under the Fair Credit Reporting Act (FCRA) are more onerous than creditors would like, judging from a significant decision handed down February 11 by the U.S. Court of Appeals for the Fourth Circuit."

• Trisha L. Howard, St. Louis Post-Dispatch - 4/8/04: "Woman gets $500,000 in credit-reporting case" - "Antognoli said Thursday that Turner is still trying to get the mistake erased from her record."
• Steve Horrell, Edwardsville Intelligencer - 4/8/04: "In fact, the bank sent those credit bureaus that false information each month for the 3 1/2 years following the repossession, Antognoli said."

• Anita Ramasastry, FindLaw Columnist, Special to CNN.com, November 6, 2003: "Why we should fear the Matrix" - "According to news reports, the data may also include credit histories, driver's license photographs, marriage and divorce records, Social Security numbers, dates of birth, and the names and addresses of family members, neighbors and business associates."
• Paul Hughes, [central Connecticut] Record-Journal, March 20, 2004: "[Connecticut Public Safety Commissioner Arthur L.] Spada told the Judiciary Committee last week that the Matrix does not track reading lists, magazine and newspaper subscriptions, mortgage and car payments, credit card information, utility bills, bank account numbers and balances, travel records, telephone calls and costs for home additions."
• Mark Johnson, Associated Press - 3/11/04: "Just five states now remain involved in Matrix out of more than a dozen that had signed up to share criminal, prison and vehicle information with one another and cross-reference the data with privately held databases."

• Katrice Hardy, The Virginian-Pilot: "Brad Marrs, Sears’ attorney, said an agreement was reached with Melchor and signed this week by a U.S. District Court judge in Richmond... Sears was awarded $35,000 for her attorney fees and $10,000 in damages."
• AP: "Virginia House of Delegates member Winsome E. Sears has filed a $1 million suit against her one-time political rival, former Del. William P. Robinson Jr., and a private investigator, claiming the two conspired to illegally obtain her [Equifax] credit report during her campaign."

• March 24, 2003 - "Sheffer, the court notes, asserted that he contacted several credit agencies to dispute the "deceased" notation, and those credit reporting agencies informed him that they had investigated the disputed information."
• October 20, 2003 - "In a case that ended with a jury verdict of $1,000, it might seem like a major victory when a federal judge awards the winning lawyers $25,000 in attorney fees -- unless, of course, the lawyers were asking for five times that amount."

• "Feinstein Calls for Investigation of Outsourcing of Personal Data Abroad by Private and Federal Agencies" - "According to recent news accounts, some companies have begun to outsource work to contractors and affiliates in foreign countries. Some of the documents used in the work include tax returns, credit files, and homeowner appraisals."
• Cincinnati Enquirer: Feinstein: "'I am gravely concerned that consumer data is being sent overseas without proper safeguards,'" the California Democrat wrote to chief executives of Citigroup, Bank of America, Ernst & Young, Equifax and TransUnion."
• San Fransisco Chronicle, David Lazarus: "'A hundred percent of our mail regarding customer disputes is going to go to India at some point,' said David Emery, executive vice president and chief financial officer of TransUnion in Chicago."
• Business Day (Johannesburg): "Absa has set up an offshore operation at its 1450-seat call centre in Johannesburg [South Africa], where it is running a customer helpdesk for TransUnion, a US-based credit-rating bureau."

• Associated Press: "The new check-in-a-box, containing a CD-ROM that allows users to tap ChoicePoint's online databases, gives small business owners access to an essential tool previously available mostly to big companies, say ChoicePoint and Wal-Mart Stores Inc., which is selling the product in 41 of its Sam's Club membership warehouses in 26 cities."
• Tom Zucco, St. Persburg Times: "Background check kits worry some" - "What the 46-year-old single mother had done was bounce a $60 check to a refrigerator rental company two years earlier."
• Mary Lou Pickel, The Atlanta Journal-Constitution: "Marc Rotenberg, executive director of the Electronic Privacy Information Center in Washington, warned that ChoicePoint may open itself to defamation charges if it shares personal information that is not accurate or complete."
• EPIC (Electronic Privacy Information Center) ChoicePoint Page: "At Privacy International's Big Brother Award ceremony held in Cambridge, MA on March 7, 2001, ChoicePoint received the 'Greatest Corporate Invader' award 'for massive selling of records, accurate and inaccurate to cops, direct marketers and election officials.'"
• Other ChoicePoint Dalliance
  • U.S. Transportation Security Agency: "The ChoicePoint Phase 1 check includes the following elements: (1) credit check; (2) name-based check of ChoicePoint's proprietary criminal history records database; (3) in-person check of local criminal history records in every jurisdiction where a screener has lived for the past 10 years; and (4) link analysis against selected terrorism databases to find potential terrorist threats and possible connections to such threats."
  • The Washington Post: ChoicePoint, which was paid $19 million for conducting criminal, credit and other background checks on airport-screener applicants last fall, said it assigned a "green" flag to 39,578 TSA applicants who appeared to have clean records.
  • Joanne Cleaver, Special to the Chicago Tribune: "ChoicePoint let me in, all right, but to verify that it really was me checking up on myself, I had to answer a set of obscure questions about who services my family's mortgage and what kind of mini-van we own, and when we bought it."
  • Smartmoney.com: For $12.95 you can pull your insurance score plus a copy of your credit report at Choicetrust.com, a Web site run by ChoicePoint, a firm that calculates insurance scores for many companies.

[Fisher's name]
[address]

November 4, 2003


Bruce S. Luckman (representing TransUnion (aka Trans Union))
Marion, Satzberg, Trichon & Kogan, P.C.
1818 Market Street, 30th Floor
Philadelphia, Pennsylvania 19103

Certified mail article number 7003 1680 0006 6900 0796

Your report of my file, number [file nmber], dated October 3, 2003, is incomplete—just as it was on August 18, July 2 and May 27. Refund my money now; I am tired of waiting and I am tired of your malarkey

In response to my letter of September 23, you did almost everything but make the correction I ordered. You stated that your investigation resulted in new information about eight accounts, and the deletion of nine accounts. This time, address the single particular account I brought to your attention instead of goofing around with seventeen others and performing tasks for which I made no request. Send a corrected report that includes a notation that the HOUSEHOLD BK # [account number] was 30 days late in September, 2002.

In my last letter, I pointed out that a Google search for the words Bruce Luckman returns creditaccuracy.com as the third highest result. It is now number one. You violated the rules of the Fair Credit Reporting Act—again, and you are now infamous for that violation. Issue a complete report to me. Disclosing to me all information in my file is your grave responsibility. In stark contrast to that charge, your actions are foolhardy.

[signed]
[Fisher's name]

---

[Fisher's name]
[address]

November 4, 2003


Jan Davis
President, TrueLink
President, TransUnion Consumer Solutions
100 Cross Street, Suite 202
San Luis Obispo, California 93401-7570

Certified mail article number 7003 1680 0006 6900 0802

As President of both TrueLink and TransUnion Consumer Solutions, and one who is quoted frequently in the popular press, you must be the one most eager—and certainly most qualified—to respond to this inquiry.

Your TrueCredit report of my TransUnion file dated November 4 (order #[order number], November 3), in the section regarding the HHLD BANK Account No.: [partial account number], states that, in September, 2002, the payment was not received as of 30 days after the due date. However, my consumer report from TransUnion (aka Trans Union) dated October 3 (Trans Union file number [file number]), mailed to me with a Chester, Pennsylvania return address, does not contain the September, 2002 30-day late notation. In fact, none of the accounts listed contain a 24-month history as does your report.

Given that the report I obtained from TransUnion, Chester must, by law, contain all information in my file, I can only conclude that you fabricated the late date notation. If that is the case, then refund my money and shut down your operation. If that is not the case, please clear up the mystery.

Thank you.

[signed]
[Fisher's name]

• The 2003 amendment to the Fair Credit Reporting Act (FCRA), The Fair and Accurate Transactions Act
• Consumers Union (Consumer Reports): 2003 Changes to the Fair Credit Reporting Act: Important Steps Forward at a High Cost
• Financial Literacy and Education Commission
  • The Meetings
    • 1/29/04 meeting video
    • Next meeting date proposed: May 20, 2004 (The Law: "The Commission shall hold, at the call of the Chairperson, at least 1 meeting every 4 months. All such meetings shall be open to the public.")
  • The Law:

    "... the respective head of each of the Federal banking agencies (as defined in section 3 of the Federal Deposit Insurance Act), the National Credit Union Administration, the Securities and Exchange Commission, each of the Departments of Education, Agriculture, Defense, Health and Human Services, Housing and Urban Development, Labor, and Veterans Affairs, the Federal Trade Commission, the General Services Administration, the Small Business Administration, the Social Security Administration, the Commodity Futures Trading Commission, and the Office of Personnel Management; and (C) <> at the discretion of the President, not more than 5 individuals appointed by the President from among the administrative heads of any other Federal agencies, departments, or other Federal Government entities, whom the President determines to be engaged in a serious effort to improve financial literacy and education...

    The Secretary of the Treasury shall serve as the Chairperson."

  • The Press
    • Official releases
      • Treasury:

        "Secretary of the Treasury John Snow today chaired [for 11 minutes, that is, ed.] the first meeting of the Financial Literacy and Education Commission in the Department of the Treasury’s Cash Room. Representatives of twenty federal departments, agencies, and commissions... The Treasury Department’s Office of Financial Education has been designated by Congress to lend its expertise and provide primary support to the Commission to assist it in fulfilling its functions and duties."

      • Federal Reserve Board (representative Alan Greenspan left after 11 minutes, too)(but, surely, watched the video later)(designated a lower-ranking official as permanent alternate at the meeting)
      • Education (sent an alternate)
      • Office of the Comptroller of the Currency
      • Office of Thrift Supervision
      • Federal Deposit Insurance Corporation
      • National Credit Union Administration
      • Securities and Exchange Commission
      • Agriculture
      • Defense
      • Health and Human Services
      • Housing and Urban Development
      • Labor
      • Veterans Affairs
      • Federal Trade Commission
      • General Services Administration
      • Small Business Administration
      • Social Security Administration
      • Commodity Futures Trading Commission
      • Office of Personnel Management
      • The Law: "Alternates.--Each member of the Commission may designate an alternate if the member is unable to attend a meeting of the Commission. Such alternate shall be an individual who exercises significant decisionmaking authority."
      • Senator Sarbanes: "These new provisions will serve as a springboard in our efforts to help develop a single comprehensive strategy to improve the financial decision making among consumers.”
      • Senator Stabenow: "Federal Reserve Chairman Alan Greenspan and Treasury Secretary John Snow were among the top federal financial officials who met today to convene the Financial Literacy and Education Commission... legislation will also establish a toll-free number for people to get answers on financial questions, and it will set up a one-stop consumer Web site to serve as clearinghouse for information on financial literacy."
    • Members
      • National Credit Union Administration Chairman Dennis Dollar
      • National Credit Union Administration Vice Chair JoAnn Johnson
    • http://www.federalreserveeducation.org/fined/
• The FTC (Federal Trade Commission)(regulator)(old player)
  • Fair Credit Reporting Act Links
  • Privacy Initiatives: Credit Reporting: The Fair Credit Reporting Act
• The Fed (The Federal Reserve Board)(the central bank is a new player)
• The U.S. Department of the Treasury (new player), Office of Domestic Finance, Office of Financial Education

• AP: "The Senate, by a 95-2 vote, approved the reauthorization of the Fair Credit Reporting Act, which created a national credit reporting standard to make it easier for people to get credit cards, loans and mortgages."
• USA Today: "House and Senate leaders still have to settle their differences before a final congressional vote."
• Banking Committee 9/24/03 release:

  "Senator Paul S. Sarbanes (D-MD), the Ranking Democrat on the Banking, Housing, and Urban Affairs Committee, applauded the inclusion of financial literacy and educational opportunity provisions, many of which he authored, in 'The National Consumer Credit Reporting System Improvement Act of 2003,' legislation expanding and reauthorizing the Fair Credit Reporting Act (FCRA). The legislation was unanimously approved by the Senate Banking, Housing, and Urban Affairs Committee today and now heads to the floor of the United States Senate for consideration."

• "Bennett in the Senate," and his benefactor, Equifax
  • AP: "A few days after Sen. Bob Bennett helped advance proposals favorable to the credit-bureau industry, a company that sought the changes threw a fund-raiser that brought in tens of thousands of dollars for the Utah Republican's re-election campaign... In an Equifax Inc. newsletter sent to employees a few days after the fund-raiser, the company praised Bennett as a powerful force in the Senate. It said Equifax's PAC and employees were supporting a senator who has been 'extremely helpful in our ... efforts to mitigate the impact of providing credit reports nationwide.'"
    (alternate links: The Guardian, UK, Casper Star Tribune, Fort Wayne Journal Gazette, The Baltimore Sun)
  • Salt Lake Tribune columnist Lisa Carricaburu: "The changes, however, aid businesses at consumers' cost."
  • See, hear Bennett in FCRA hearing (first remarks come at 26:36 into the video)

    2:09:30 into the video: Bennett warns about going "back to the bad old days."

    So, let's take him up on this: "... I'm strongly in favor of the preemption provision and the affiliation sharing provision while we continue to try to find out more information about where the inaccuracies come from and what we can do to deal with it."

    Yes, sir, Senator! Let's do that! We're right behind you! Lead the way, and start with your buddies at Equifax and their blatant, illegal operating practice! Get, oh, say $5,000 from Equifax for the study. That shouldn't be too hard.

    Meanwhile, Equifax distributes credit reports to consumers containing less information than they give to lenders-- in flagrant violation of one of the fundamental notions of the Fair Credit Reporting Act: full disclosure. See Case 4.

    $50 dollar cash prize! Submit the first original letter signed by Senator Bennett mentioning the "24-month history" and win $50.00! (Senate members are eligible to win, too). Send your authentic letter from Utah Senator Bob Bennett to

    creditaccuracy.com
    P.O. Box 342
    Dayton, Ohio 45409-0342

    Perhaps the senator could look into Equifax's illegal practice outlined in Case 4.

    If you would like to give money to the senator, please make a pledge at creditaccuracy.com/contact.htm-- only 2500 $10 contributions to match Equifax's $25,000!

• Consumer Bankers Association
  • Release: "Senate Banking Committee Approves Permanent FCRA Preemption"
  • "Senate Banking Committee Bill"
  • "Senate 'en bloc' amendments"
• Credit Union National Association: "The Managers’ Amendment is a comprehensive 95 page bill (not introduced as yet)... "
• American City Business Journals: "There's talk up on Capitol Hill that if they can't get any type of agreement before adjourning, they will pass a temporary extension on the current law allowing them to come back and work on the bill next year,' Thaler says."
• U.S. Treasury: "I wish to congratulate Chairman Shelby, Ranking Member Sarbanes, and the members of the Senate Banking Committee for their expeditious work... "

• "We intend to work to improve numerous flaws in both bills and to ensure that the final law takes the best ideas from each bill and restores states' rights to protect consumers."
• "Credit Reporting Bill Is A Trojan Horse: HR 2622 Overrides California's New Financial Privacy Law"

• Goldshield-- John Strange, master sleuth-- 877-316-6160
• USA Skip Trace, 877-316-6160 - Domain registrant: John Strange, "Worldwide Investigations,Inc.", 303-297-3400
• Worldwide Investigative Services, aka Worldwide Investigations, Inc.
• savvydata, "Helping Secure America," 888-853-2900 - "Mr. Nevins was also recognized as an honored professional of the Nationwide Register's of Who's Who in Executive and Business 2001-2002 Edition." (!!!) (National Register: "Participating members are placed in the directory in their area of specialty among their peers and colleagues, allowing them to maximize their networking potential.")

[Fisher's name]
[address]

September 23, 2003


Bruce S. Luckman (representing TransUnion (formerly Trans Union))
Marion, Satzberg, Trichon & Kogan, P.C.
1818 Market Street, 30th Floor
Philadelphia, Pennsylvania 19103

Your report of my file, number [file number], dated August 18, 2003, is incomplete. Refund my money now.

Send a corrected report that includes a notation that the HOUSEHOLD BK # [account number] was 30 days late in September, 2002. Include the dates in the file of all late payments for all accounts. You ignored my June 13th request for that information. Your rights do not include an explanation from any consumer for why the dates of late payments are significant, although it should be apparent to you (but I’m not holding my breath): A late payment has a different effect on a credit score— or a lender’s evaluation of a borrower— depending on whether the late payment occurred two months ago or 22 months ago. If you wish to engage in a discussion about credit scoring, I am happy to oblige (see creditscoring.com)(and, speaking of the Internet, did you know that a Google search for the words Bruce Luckman returns creditaccuracy.com as the third highest result?).

You violated the rules of the Fair Credit Reporting Act. Issue a complete report to me. Disclosing to me all information in my file is your grave responsibility. Take it seriously.

[signed]
[Fisher's name]

• Sorensen as a footnote to "The evidence in case testimony by employees of the credit industry, shows that violations of the reinvestigation requirements are routine."
• She's everywhere.

• Be part of the story! Send a memo to Luckman:

  TO: bluckman@mstkw.com, ekron@mstkw.com, mtrichon@mstkw.com, raxelrod@mstkw.com
  CC: greg@creditaccuracy.com
  SUBJECT: creditaccuracy.com/0002

  Mr. Luckman, you and TransUnion (formerly known as Trans Union) don't have a leg to stand on. Forget about your standard denial. Give up, tell Gambill and Pritzker to refund the $9.00, and issue full disclosures and an apology. The guy who writes creditaccuracy.com is a genius.

• About the guest star: Bruce S. Luckman (215-575-7622)

• "FTC Releases Survey of Identity Theft in U.S. 27.3 Million Victims in Past 5 Years, Billions in Losses for Businesses and Consumers"
• "FTC to Host Media Briefing Breakfast on Credit Reporting"

• Video and prepared statements (video contains more information: the Q & A session)
• The General Accounting Office report presented to the Senate, GAO-03-1036T:

  CONSUMER CREDIT - Limited Information Exists On Extent of Credit Report Errors and Their Implications for Consumers

  Statement for the Record Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate.

  • The report: "Information on the frequency, type, and cause of credit report errors is limited to the point that a comprehensive assessment of overall credit report accuracy using currently available information is not possible."

    Chairman Shelby (after quoting the above): "This is troubling." (at 12:52 in the video)

  • Report Highlights: "Neither the impact of the 1996 FCRA amendments on credit report accuracy nor the potential implications of errors for consumers is known... The lack of comprehensive information regarding the accuracy of credit reports inhibits any meaningful discussion of what could or should be done to improve credit report accuracy."
  • Index, GAO web site: Today's Reports - July 31, 2003

• The Bush administration (Treasury Secretary John Snow): "A basic tool to place in the hands of the consumers is access to their credit reports-- as I say, once a year, upon request, free of charge. Doing so, we think, would enhance the accuracy and the completeness of the credit reports... then the consumers can correct those reports if they see an error in them." (video mark: 8:29)

  You can't correct what you can't see, Mr. Snow. The evidence proves something entirely different than what you suggest: The "basic tool" doesn't exist; credit reports are not complete by design, and demanding completeness does not work. Take a look at this test:

  1. The consumer obtained his credit file from the national credit reporting agency.
  2. The consumer obtained his file from another source.
  3. The consumer compared the two reports and found information missing on the basic report (the one required by law) obtained directly from the national credit reporting agency when compared to the report from the other source.
  4. The consumer demanded that the national credit reporting agency provide a complete disclosure.
  5. Rather than providing the disclosure, the agency responded by removing the information.

  The agency: TransUnion

  Journalists, advocates, activists, regulators, legislators, alligators, litigators: Contact the consumer.

• The Big Study, the industry's debacle
• Reuters: "Shelby said he found troubling a new General Accounting Office study that said it was impossible to get a comprehensive view of the accuracy of credit reporting. The study said even a common definition of 'inaccuracy' was lacking in the credit industry."

• Senator Shelby (Chairman) at 15:40 into the video: "Is it worth noting, Mr. Secretary that even at the time when the Fair Credit Reporting Act reauthorization is being considered-- when you would think that everyone associated would be on their absolute best behavior (whatever that is)-- the FTC just completed an enforcement action and the levied a significant fine against one of the big credit bureaus for failing to meet basic responsibilities with respect to handling consumer complaints?"
• FTC: "Equifax to Pay $250,000 to Settle Charges" - "Equifax failed to meet the specific performance standards in the consent decree for blocked calls and hold times for certain periods in 2001. The settlement announced today will require Equifax to pay an additional $250,000 for violating the original consent decree."
• For perspective (for non-rocket scientists): Equifax: "Equifax Inc. (NYSE: EFX), the leading provider of critical information to businesses, consumers and the public sector, today reported record second quarter revenue of $317 million, an increase of 18 percent over the prior year. Earnings per share from continuing operations grew 6 percent to 36 cents, in-line with consensus analysts' estimates."
• Channel 10, Philadalphia: "The FTC also said Equifax blocked calls from consumers who wanted to discuss their credit reports."
• Atlanta Business Chronicle: "'We did not violate the decree,' said Mitch Haws, Equifax spokesperson." (call Mitch at 404-885-8093, fax him at 404-885-8078, or email him at mitch.haws@equifax.com)
• Your tax dollars (or Equifax's fines?) at work. MSNBC: "But she said that during the first half of 2001, in 5 of 13 two-week audit periods, Equifax customers faced unreasonable wait times or dropped calls."
• Atlanta-Journal Contitution (Equifax headquarters are in Atlanta)
  • "Mitch Haws, a spokesman for Equifax, says the company disagrees that a violation of the decree occurred but agreed to settle to put the matter behind the firm."

    Explain that, Mitch. You either cut it, or you don't.

  • AP: "Many people also were kept on hold for unreasonable amounts of time, the complaints said."
  • "The company had just introduced a credit score service for consumers, and the volume of calls about it was heavier than expected."

    Here's the thing, Equifax: If you were up and running with the credit score thing in a reasonable time after I asked, you wouldn't be paying those 250-thousand clams now, would you? But let's face it: The money's nothing. It's the lambasting from the FTC that goes into the history books that you should worry about.

    But, that's hardly the biggest of your problems, as you know. There's this pachyderm in the living room: Incomplete, illegal consumer disclosures. Look right below: A colleague mentioned my pet project to the U.S. Senate! He said it right into the microphone, under oath.

Ahh-- you thought it was so poetic that it would never happen, but finally, the issue reaches the record. The ever-lovin' U.S. by-golly Senate heard, in testimony:

"In short, consumers are not receiving everything contained in their credit files."
- Richard F. Le Febvre

The folly of the present law and regulation is that credit reporting agencies are getting away with a violation of the most fundamental idea of the Fair Credit Reporting Act, and nothing stops them.

Happy Bastille Day.

Apparently, these guys know exactly what the stupid states will do even before they do it. This is a major development in credit reporting: They have, obviously, used their ultra super-intuitive and future-predicting software developed by the Wizard of San Rafael to predict the horrible outcome of the fulfillment of the legislation Congress enacted eight years ago.

Testimony of TransUnion big shot:

"Under the FCRA, we may not provide a credit report to anyone who does not have a permissible purpose for such information."
Same guy, 2001: No response. He's full of himself until the hard question.

"It is also important to clarify what is not in a credit report" (unknown if said with a straight face).
See this whole, bloody account of what's not in a credit report; what they have, but you don't get, that is. Journalists and legislators, start here (it's a blasted road map, but if you still don't get it, speak up).

"In April 2001, TransUnion announced our intention to provide, upon request, a score disclosure with our consumer file disclosures."
Same guy, 1997: "There is nothing I wish to add to the information provided by our General Counsel last week. I do not intend to reply to additional queries. Repeating the same request to different people within Trans Union is pointless. Thank you."

Watch for a transcript of the entire hearing: "After the hearing transcript is finalized it will also be listed under 'Printed Hearings.' This version includes the question and answer period and any documents submitted for the record."

(Previous House hearing: U.S. House Committee on Financial Services, Subcommittee on Financial Institutions and Consumer Credit: Hearing entitled "Fair Credit Reporting Act: How it Functions for Consumers and the Economy" Prepared Testimony - Wednesday, June 04, 2003)

• Jane Black, Businessweek: "Give States the Right to Protect Privacy"
• AP: "Most American consumers have come to take the Fair Credit Reporting Act for granted."

• Wired News: "Plans to continue testing the controversial Computer Assisted Passenger Prescreening System, or CAPPS II, on commercial airlines have been temporarily suspended, according to the Transportation Security Administration."
• dc.internet.com: "Concerned that the CAPPS II program could violate the privacy and civil liberties of the flying public, Sen. Ron Wyden (D.-Ore.) in March introduced an amendment to require the Secretary of Homeland Security to report to Congress within 90 days on what impact the CAPPS II program will have on the privacy and civil liberties of United States citizens, including how individual information will be used and what safeguards will be implemented to protect the public's rights."
• boycottdelta.org: "It's nice to know that there are now people within Homeland Security that have taken the time to read the Bill of Rights."

• "Mr. Smith possesses recorded voice mails from Ms. Boyd profusely apologizing for the rough time given by Capital One, agreeing to delete the accounts from his reports, and several requests to settle the matter out of court."
• "Capital One is represented by Nashville attorney, Phillip Welty, an associate at Gullett, Sanford, Robinson & Martin, P.L.L.C."

• Abstract
• Full text

White made numerous calls, but couldn't get them to clear the blemish from her account.

Action 9 contacted Equifax in Atlanta about White.

The credit reporting bureau declined to discuss her complaint, but moved immediately to correct their mistake.

June 4, 2003
**New**
Subcommittee on Financial Institutions and Consumer Credit
Hearing entitled "Fair Credit Reporting Act: How it Functions for Consumers and the Economy"
10:00 AM
2128 RHOB

• 
  

  To: bob@morrisonagency.com
  Subject: Equifax, full disclosure
  Date: 5/30/03, 5:17 AM

  'Couple o' things, before you get started, Bob.

  You're up-- at http://creditaccuracy.com/index.htm#bob-o-rino

  and

  http://creditaccuracy.com/0004.htm

  Did they tell you about that problem before you took their account? Good luck; I wasn't able to convince them.

  I would copy Chapman but I don't have his email address. Please get this right over to him.

  Thanks.

  Greg Fisher
  the author of a play in three acts
  Act 1: creditscoring.com
  Act 2: creditaccuracy.com

• "Equifax hires ad agency to raise visibility" - "'I'm fortunate that Atlanta is blessed with some damn fine ad agencies.'" (hint to the Bobster: Keep Mr. Chapman out of the spotlight. He swears with bad grammar.)
• Equifax spends money on advertising instead of correcting their full-disclosure-as-required-by-law problem. You must misunderstand what they're "doing": "The goal is 'to create a corporate profile of the company and educate the world on the good things Equifax is doing,' Morrison said."
• Equifax has a problem: "We are brand building specialists who solve marketing problems with innovative solutions and powerful creative." (Powerful creative what?)

• Senator Tim Johnson (D-S.D.) proposes changing the Fair Credit Reporting Act (calling it "Re-Authorization" and "Economic Opportunity Protection")
• Press release: "Johnson Introduces Bill to Re-Authorize the Fair Credit Reporting Act"
• Our old buddy, Oscar: "Marquis, however, would not be so quick to jettison current law: 'I think the … [federal provisions have] worked, and if you let states change the law in any of the areas pre-empted, you don’t know what the unintended consequences are' to the economy."

  Oscar, Oscar, Oscar. Insurance is regulated by the states, and nobody's crying about how bad that is for the economy.

• Ralph Nader: "Credit Reporting" - "... In this case, Congress can help consumers by doing nothing. Even this Congress should be able to manage that task."
• The Hill - The Newspaper for and about the U.S. Congress: "These organizations have formed an ad hoc interest group called the Partnership to Protect Consumer Credit, which has taken out advertisements in Washington, D.C., subways and publications."

• U.S. Senate Committee on Banking, Housing and Urban Affairs: The May 15 "Hearing on "Overview of the Fair Credit Reporting Act and Issues Presented by the Re-authorization of the Expiring Preemption Provisions" is postponed to May 20. (video)
• U.S. House of Representatives Committee on Financial Services, Subcommittee on Financial Institutions and Consumer Credit: Hearing entitled “The Importance of the National Credit Reporting System to Consumers and the U.S. Economy”
  • The AP: "The House Committee on Financial Services, chaired by Rep. Michael G. Oxley, already has begun hearings on the FCRA renewal. The Ohio Republican termed it this year's 'job No. 1.'"
  • Reuters: "The Bush administration stopped short of endorsing renewal of laws that set national standards for businesses who share the financial information of their customers, saying Congress must balance the flow of financial information with consumer protection."
  • The Bush administration:

    "No one sitting in this hearing room is immune from identity theft. Undoubtedly, there are many here who have been victimized or know someone who has. There may be some here who are being victimized right now and won’t know of it for several more weeks or months."

• "A Credit Trap For Consumers"
  

  "A four-month investigation by The Courant has found that the nation's credit reporting business is built on a system so seriously flawed that costly errors are inevitable. A much-heralded congressional reform effort seven years ago has done little to repair the broken system or to hold credit bureaus accountable, the investigation found."

• "'We met with the loan officer,' Deccy recalled, 'and he said, `You only have one little problem: One of your reports came back that you were dead.''"
• This website, creditaccuracy.com, is mentioned:

  Greg Fisher of Dayton, Ohio, who runs a one-man crusade against the credit agencies at his website, creditaccuracy.com, recently complained to the FTC about problems with his credit report. The commission responded with a four-page form letter that summarized the Fair Credit Reporting Act and ended with this advice: "If you believe that the FCRA has been violated, we suggest that you consult a private attorney or a local legal services organization."

  But getting a lawyer might not be much help, either.

• "It took an unusually long six weeks to get a copy of his credit report from Experian."
• "It would take Leveille the next decade - and the involvement of U.S. Secret Service agents - to get her file clean with the credit bureaus."
• Associated Press: "Inexact computer matches and inconsistent reporting by businesses create a credit-reporting system so flawed that expensive errors are inevitable, The Hartford Courant reported."

• The Hill: Powell Tate/Weber Shandwick (Weber Shandwick positioning statement: "the power to influence outcomes") client: Partnership to Protect Consumer Credit
• The "Partnership"'s "Who we are" page doesn't say who the partnership's partners are. But the members' page does. Includes the CDIA.
• Phunny phones: Called 202-783-1627 10 am, 5/12/03 and got an anserwing machine. Looked up the person's name from the search and found a PARKING COMPANY. Looked up the domain ("Record created on 10-Feb-2003. Database last updated on 12-May-2003 10:13:43 EDT.") and found this number: 703-777-7777. Called that number and got a SHUTTLE COMPANY.

• Update, Bankruptcy notation
  • Atlanta Journal-Constitution: "Bankruptcy-reporting process to be refined"

    Attorneys for the plaintiffs have asked that Franklin Clark, a South Carolinian who is the lead plaintiff, be granted a $1,000 award for taking that role.

    The five-member plaintiffs' legal team will get $15 million.

  • AJC: "Federal judge to clarify rules for credit reporting companies" - "In addition to changes in the affected credit reports, each of the affected consumers would be offered a free credit report."
• Update, Thomas v. TransUnion: "Real-estate agent Judy Thomas tried for six years to get TransUnion to remove another woman’s bad credit history from her credit report. Thomas finally won a $5.3 million lawsuit against the credit bureau. The judge later reduced the award to $1.3 million, but hey, Thomas made her point."

• January 30 - Atlanta Journal-Constitution: "Equifax, rival move to settle credit-data suit" - "The companies agreed to stop using a bankruptcy notation on the credit reports of individuals who have not filed for bankruptcy but are co-signers for people who have, according to attorneys and others familiar with the negotiations."
• January 18 - Atlanta Journal-Constitution: "Experian agreed to remove the bankruptcy designation from the credit records of about 1.6 million consumers, and not to use it again, attorneys and others close to the negotiations said Friday."
• December 16 - Atlanta Journal-Constitution: "Credit report suit puts Equifax, rivals in hot seat" By DAVID MCNAUGHTON Staff Writer - "His case has evolved into a class action suit that involves millions of consumers and damage claims in the billions... People eligible to join the class action suit will be notified by Feb. 17, 2003."

• State of California, Department of Consumer Affairs, Office of Privacy Protection: "New Law Lets Consumers Freeze Credit Files"
• San Francisco Chronicle: "Blocking credit files no breeze"

• Andrew Shain, The Charlotte Observer: "And Innovis' Web site did not include information for consumers to get a copy of their credit report until this week, just a few days after I e-mailed questions to company officials."
• January 3, Fox 2, St. Louis: "Joel Winston from the Federal Trade Commission says, 'They do maintain credit information about consumers, and consumers do have a right to see those reports and correct any errors'... Innovis declines an on-camera interview, but issued a statement saying 'INNOVIS IS NOT INVOLVED IN PROVIDING SERVICES THAT CAN RESULT IN THE DENIAL OF APPLICATIONS FOR CREDIT, INSURANCE OR EMPLOYMENT'... We've found a number to call to see what Innovis has on file about you. It's 800-457-0247."
• January 22, NBC 5, Chicago: "'They do maintain credit information about consumers, and consumers do have a right to see those reports and correct any errors,' said Joel Winston of the Federal Trade Commission... But while the big three offer credit histories online for consumers to check, Innovis doesn't have a link, a phone number, or any information about how to get in touch with the company."

• No response from TransUnion, so a letter was sent to the regulator, a journalist, a consumer advocate, two congressmen and a senator.
• New evidence: TransUnion charges more than the $9.00 allowed by law; violation exposed by their own bungling.

• Crain's Chicago Business: "Pritzker family at odds over biz strategy" - "Members of the billionaire Pritzker family have agreed to split up the estimated $15-billion family fortune, possibly leading to a public offering by hotelier Hyatt Corp. and a sell off of the privately held Marmon Group."
• quicken.com: "Chicago's Pritzker family is planning to break up its $15 billion empire by liquidating many holdings and perhaps taking public the Hyatt Corp. hotel chain, as part of a financial settlement reached with dissident members of the intensely private family, people close to the matter told The Wall Street Journal."
• Forbes: "Liesel Pritzker, Meet Meadow Soprano" - "The family also controls industrial companies, real estate, cruise lines, banks, mining, railroads and the TransUnion credit bureau."
• New York Times: "Knives Drawn for a $15 Billion Pritzker Family Pie" - "Since the trust among the cousins has cracked, a committee of outsiders — Arnold Weber, former president of Northwestern University; Newton Minow, a Northwestern law professor who once chaired the Federal Communications Commission; and Michael Sovern, president emeritus of Columbia — were brought in to help interpret the cousins' pact and mediate disputes."
• USA TODAY: "Pritzker daughter sues family that owns Hyatt chain" - "If things sour, the lawsuit, which asks for $1 billion plus $5 billion in punitive damages, could wind up causing the assets to be divided."
• Newsday: "Hyatt IPO May Settle Family Squabble" - "The Pritzkers decided last year to divide up its investments after some family members threatened lawsuits over control of Hyatt's vast holdings, the person said."
• Bloomberg Business News: "A year ago, Superior Bank FSB, a Chicago-area thrift the Pritzker family co-owned, agreed to pay the government $460 million."
• Chicago Sun-Times:
  • "Private Pritzkers 'regret' actress filed suit" - "Whatever the outcome of a lawsuit filed by actress Liesel Pritzker against her famous family, it has already accomplished something virtually nothing else has: It's gotten them to talk.
  • "Pritzkers may scale back fiscal empire" - "The lawsuit marked the culmination of hard feelings between Liesel, now 18, and her father, who sued to keep her from appearing in a Hollywood movie, 'A Little Princess.'"
  • "Suits expose Pritzker fights" - "What sets their tussles apart is the seeming willingness to turn to the courts at the slightest provocation."
• MSNBC: "Pritzker family to divide empire" - "The new arrangement could also mean that the many of the industrial businesses and other assets that the Pritzkers control through Marmon Group are likely to be sold, the newspaper said."
• AP: "Assets belonging to her trust funds were sold off by her father, 76-year-old business executive Robert Pritzker, at below-market prices and transferred to trusts benefiting other family members, the lawsuit said."
• "In a statement to the court, Robert Pritzker said: 'This is a family matter and we are not going to comment other than to say that it is sad when a daughter, who is a beneficiary of great family wealth and tremendous advantage, sues her father and other members of her family.'"

"You did not answer this question from my last letter: What is your supervisor’s name and mailing address? Answer that question. My dispute with you, on your level, is unresolved: My credit reports are still incomplete."

Consumer: "What is your supervisor's name and mailing address?"

TransUnion: "Please be informed that at this time NACLVD/GLHEC... is no longer being reported to our database."

• Bankrate.com: "The credit report you don't know about " - "The Innovis Web site does not provide an address for consumers to request a copy of their Innovis credit report... When Greg Fisher, author of The Credit Scoring Site, sought the address for consumers to request their Innovis credit files, Price told him it was: PO Box 219297, Houston, TX, 77218-99297."
• Freddie Mac: Effective date, January 2, 2001: "Addition of Innovis Data Solutions, Inc. to Exhibit 51, Credit Repositories and Information to Report"

See Innovis, 9/11/01 Updates, and search this page and Updates for "CBC" and "Innovis."

• Fair, Isaac: TransUnion FICO scores available to consumers through myFICO
• TransUnion press release, November 18, 2002
• ? - "TransUnion Consumer Solutions (TCS) is a wholly owned subsidiary of TransUnion... "

• A.P.: "U.S. Charges 3 in Historic ID Theft Case" - "Federal authorities broke up what they called the biggest identity theft case in U.S. history and charged three men Monday with stealing credit information, draining victims' bank accounts and ruining their credit."
• FINANCIAL TIMES: "Thousands of credit reports were stolen from companies including Washington Mutual Bank in Florida, Washington Mutual Finance Company in Tennessee and Dollar Bank in Cleveland."
• Canadian Press: "They said thousands of other credit reports were stolen from companies such as Washington Mutual Finance Co. in Crossville, Tenn.; Dollar Bank in Cleveland; Sarah Bush Lincoln Health Center in Illinois; the Personal Finance Co. in Frankfort, Ind.; the Medical Bureau in Clearwater, Fla.; Vintage Apartments in Houston; and Community Bank of Chaska in Chaska, Minn."
• LARRY NEUMEISTER, Associated Press Writer: "More than 15,000 credit reports were stolen using passwords belonging to Ford Motor Credit Corp. to access information from Experian, a commercial credit history bureau, officials said. Credit reports also were stolen from other companies, authorities said."
• Newsday: "The scheme involved getting access to the computer systems of the three major credit reporting companies -- Experian, Equifax and TransUnion -- Comey said... Kate Rears, a director of the Electronic Privacy Information Center, a Washington privacy watchdog, said Teledata's relative mom-and-pop status and its easily accessed Web-based services are red flags."
• "Comey said many victims may not yet know they were defrauded. He urged consumers to pay closer attention to their financial statements and credit histories and learn how to protect themselves through the Federal Trade Commission's Web site."
• Video - MSNBC: "The big three credit agencies distanced themselves from the issue Monday, saying they don’t work directly with companies like Teledata."
• NEWS.COM/CNET: "TCI declined to comment."

"Equifax has a long and successful track record in acquiring and integrating independent credit reporting affiliates. The purchase of data files and customer contracts from CBC is consistent with this strategy and is the largest such transaction to date."

• "'I've never seen anything of this size,' a spokesman for Experian, Donald Girard, said."
• May 16 - Associated Press: "The credit files included social security numbers, addresses, account numbers, creditor names and payment history — everything needed to commit credit fraud."
• May 16 - By Mark Truby, The Detroit News: "Thieves downloaded the consumers' credit files between April 2001 and February."
• May 17 - CNN/MONEY: "Ford Credit said it contacted Experian after the automaker received a phone call about an unauthorized credit check in February, which appeared as though it was made by Ford Motor Credit."
• "Ford said consumers who discover any fraudulent entries should contact the Detroit office of the FBI or call a Ford hotline: (888) 838-8176, between 7 a.m. and 8 p.m. CDT, Monday through Saturday."
• May 17 - "EPIC's Rotenberg said the breach, the latest in a line of similar hacks and exposures, is evidence that privacy legislation is needed."
• May 17 - "Letters to the 13,000 people, 400 of whom were Ford credit customers, were mailed out in the last three weeks, Ford Motor Credit spokesperson Melinda Wilson told NewsFactor."
• May 28 - Experian, Ford Still Unsure How Hacker Stole 13,000 Credit Reports
• May 29 - MSNBC: "Most victims weren’t customers of Ford Credit; the identity thieves simply used Ford’s name to get credit reports on victims living in affluent neighborhoods, according to the Detroit News, which first reported the theft."
• "While Experian may be able to cancel the stolen Ford IDs, those consumers will never be able to put their genies back into the bottle."
• September 19, U.S. House Subcommittee hearing - testimony and statement of Legislative Counsel, Electronic Privacy Information Center: "Earlier this year, Experian, one of the principal credit reporting agencies, experienced an unprecedented breach of security involving individuals' personal information."
• Search of Experian's Web site for "Ford" (no mention)
• Search of Ford's Web site for "Experian" (no mention)

• "Dolan Information is considered a Consumer Reporting Agency (CRA) and complies with the Fair Credit Reporting Act (FCRA)."
• "Our extensive public record data is used by credit bureaus, tenant-screening agencies, mail houses, and other businesses to make smarter decisions and manage risk."

From:
To: Nmagnuson@cdiaonline.org
Cc: gfisher@erinet.com
Subject: Information
Date: Mon, 19 Aug 2002 18:19:33 -0400

I think that a reply of some type to Mr. Fisher's e-mail is appropriate.

• "Trans Union," "TransUnion," Commission Actions (search Full Website)
• "Equifax," Commission Actions (search Full Website)
• "Experian," Commission Actions (search Full Website)
• "Innovis," Commission Actions (search Full Website)

• Comedy L.A. Times: Woman Blazed a Paper Trail to Clear Her Credit - "The company maintained at that trial that Myra could be a nickname for Maria."
• Benjamin "Ben" Dover: "Judy Thomas stung the clowns from the worst reporting agency on the planet... "

• A case for the (law school) books: Smith v Van Gorkum
  • "Van Gorkom decided to meet with Jay A. Pritzker, a well-known corporate takeover specialist and a social acquaintance."
  • "Van Gorkom met Pritzker at Pritzker's home on Saturday, September 13, 1980... He did so without consulting Trans Union's board of directors."

• Associated Press: "The company was not answering its telephones Tuesday."
• The Oregonian: Victory against credit agency a 'wake-up call' - "In court, Trans Union officials said they ask applicable staff members to aim for nine reinvestigations an hour... Consumer attorneys say the practice leads to inadequate attempts to clean up incorrect credit histories."
• Privacy.Org: Oregon Woman Gets $5.3 Million for Credit Reporting Company Errors
• CBS News, The Early Show: Mistaken Identity In Credit Report
  • "There was no place to finish except through litigation."
  • Video
    • Host Jane Clayson: "Your story's so scary on so many levels..."
    • The plaintiff on the errors: "I don't know that it's over."
    • You can't buy better advertising. Our federal government regulator advises giving them more money: The Early Show guest Barbara Anthony, Federal Trade Commission recommends getting two credit reports per year (a mixed message: Here's an FTC document which states, "Order a copy of your credit report from each of the three major credit reporting agencies every year."). So, that's 2 reports times 3 main credit reporting agencies times $9 each times 180 million consumers = a whopping $9.7 billion. Lovely. If credit file accuracy gets worse, the FTC might recommend three, four-- then five times per year. So, one more time: They get it wrong, and you're supposed to pay them so you can help them get it right.

      Fun with numbers

      • "The Chicago-based company is privately held, but according to accounts of testimony during Thomas' trial, Trans Union brings in about $200 million annually in revenues."
      • Equifax 2001 revenue: $1.1 billion.
      • "Experian North America's annual sales are more than $1 billion."
      • Previous fun with numbers
• TransUnion press release page with no statement on the verdict
• David Horowitz, fightback.com: "According to Thomas' attorney... , 'It's a reflection of the fact that credit reporting systems often don't have the proper mechanisms in place to correct a problem even after it's been identified and proven to be inaccurate by the consumer.'"
• Portland ABC affiliate, channel 2, KATU TV: "'They did ruin my life, they did their very best to ruin my life,' says Thomas of Trans Union." (with video)