Wednesday, November 25, 2009

Credit reporting gets serious

With all the news about credit card companies, it's of note that the credit rating agencies are engaged in struggles as well. Struggles with their enemies, to try to get more money from you. The Federal Trade Commission is not pleased with Experian, one of the big 3 credit agencies. Because after a federal law passed guaranteeing us all free access to our credit reports, Experian set up a website with a very similar sounding name, to sell us copies of our credit reports. (Not surprised the government didn't choose the best name. Although maybe it was already taken.)

But of course, on the internet, imitation is the sincerest form of spammery. Lots of people set up similar scam websites. But Experian couldn't have that, so they sued. And won. And every misspelling of their website now belongs to them.

There's big money in telling us whether we can borrow big money.

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