Credit Bureau Errors-Big People Problems

Good Essays
CREDIT BUREAU ERRORS- BIG PEOPLE PROBLEMS

1.Assets the businesss impact of credit bureaus data quality probles for the credit bureaus,for lenders, for individuals.

Credit Bureaus know that their own systems are responsible for many credit report errors. Some mistakes accures because of the procedures for maching loans to individual credit reports.They must continually contend with claims from customers who falsify lender information or use shady credit report companies that challenge all the negative information on a credit report regardless of its validity.Therefore they have to use automated system to forward customer disputes to lenders for veryfiation.They have to spend more money for data processing center to sends customers protests and evidence.
Credit Reporting Agencies colect data from various sources to create a detailed file of an individual's borrowing and bill paying habits. On one hand his information helps lenders assess a person's credit worthiness, the bility to pay back a loan and can also effect the interest rate and other terms of loan, including whether a loan will be granted.But on the other hand if the wrong information gets into their systems about potential clients from Credit Bureaus, they are losing these clients as well as money.
Credit bureus errors are impossible to fix. If the customer tries to contact the lender that made the error on their own, banks have no obligation to investigate it.Credit Bureau's data quality problems can distroy individual's life because that can effect the interest rates, other terms of loans including whther the loan would be granted,the error can even effect the chances of finding or keeping a job as some epmployers check he credit repots when making hiring or promotio decisions.

2. Are any ethical issues raised by credit bureausdata quality problems?
Explain your answer.

Credit Bureaus are responsible for the consequences of their actions, lack of

You May Also Find These Documents Helpful

  • Better Essays

    Credit Bureau Essay

    • 1356 Words
    • 6 Pages

    Consumer Law | The Credit Bureau | Consumer Agency Report | 4/8/2013 | Introduction Credit reporting companies serve as a ball of information about the consumer use of credit as reported by those by which the consumers borrow credit. Lenders gather and use this information to counterpart any data they have already obtained directly about the borrower’s creditworthiness to aid in their lending making decisions. Lenders have the incitement to report their experiences with the borrowers…

    • 1356 Words
    • 6 Pages
    Better Essays
  • Powerful Essays

    Credit Report Errors

    • 2321 Words
    • 10 Pages

    September 2008 How to Dispute Credit Report Errors Y our credit report contains information about where you live, how you pay your bills, and whether you’ve been sued or arrested, or have filed for bankruptcy. Credit reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. The federal Fair Credit Reporting Act (FCRA) promotes the accuracy…

    • 2321 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    Credit Assignment Problem

    • 585 Words
    • 3 Pages

    initial set of weights and indicate how weights should be adapted during use to improve performance. Roughly speaking, these computations fall into two categories: natural problems and optimization problems. Natural problems, such as pattern recognition, are typically implemented on a feed-forward neural network. Optimization problems are typically implemented on a feedback network. These networks interconnect the neurons with a feedback path. A typical feedback neural network is the Hopfield neural…

    • 585 Words
    • 3 Pages
    Good Essays
  • Best Essays

    Big Farms Cause Big Problems

    • 2485 Words
    • 10 Pages

    Rachel Savage Ms Cogburn English 1A 13, May, 2013 Paper #4 Big Farms Cause Big Problems California is a state known for its’ agriculture, and provides a good majority of the nations’ food. In the central valley, our rich soil, diverse biotic communities and eco-systems, provide an environment that allows a great variety of what our farmers can plant, however, many farmers do not utilize this ability. Instead farmers of big corporate farms are looking to make the most money possible, so they…

    • 2485 Words
    • 10 Pages
    Best Essays
  • Good Essays

    In “Big Ideas, Big Problems” written by Stefan Halper, Halper discusses the two issues, Big Ideas and constant media, that negatively affect U.S policies and its public. Advertised sloganeering along with America’s susceptibility to overly cumbersome political movements is the root of the problems that push citizens to feel patriotic in a negative and irrational way. Halper goes on to discuss the issues that continuously arise from each major world crisis by stating “each has suffered [from] … ill-conceived…

    • 366 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Problems of Big Cities

    • 463 Words
    • 2 Pages

    Problems of big cities Big cities are exciting places to be in, they are full of life and movement 24 hours a day. All facilities are available here: schools, hospitals and malls, museums, cinemas, theatres… But still living in a big city has some disadvantages. Accommodation is a major problem in a city. It is the first problem a new comer faces. House-hunting is a big challenge. In a time of skyrocketing price hike finding an appropriate dwelling is an arduous task. Many members of a family…

    • 463 Words
    • 2 Pages
    Good Essays
  • Better Essays

    Overpopulation: The Big Problem Population isn 't really a big deal if you live in a small town (e.g. Reno), and it may not be of much importance in big cities (e.g. Las Vegas). By the time you have finished reading this proposal, the world would have already earned around 850 more lives, and by consequence ruined around 480 acres of wildlife. These seem like pretty hefty figures, but this is an accurate representation of how we are subconsciously multiplying, despite of the "big" awareness that…

    • 990 Words
    • 4 Pages
    Better Essays
  • Powerful Essays

    Problems in Big Cities

    • 5136 Words
    • 21 Pages

    national average, at 24.5 metric tons.[2] New York City accounts for only 1% of United States greenhouse gas emissions while housing 2.7% of its population.[2] Air pollution, while not as severe as in cities like Los Angeles or Beijing, remains a major problem. The city's air has high levels of ozone and particulates, and residents in some neighborhoods have very high rates of asthma. Pollution varies greatly from borough to borough, and residents of Manhattan face the highest risk in the country of developing…

    • 5136 Words
    • 21 Pages
    Powerful Essays
  • Good Essays

    Big City Problems

    • 462 Words
    • 2 Pages

    Karachi is the biggest city in Pakistan and also one of the most thickly populated cities in the world. Its population has increased rapidly and accordingly has given rise to many social problems. People of this metropolis are becoming more and more concerned about solving these serious problems, some of which are discussed below. HEAVY TRAFFIC: in karachi the drivers of buses,mini buses,trucks and rickshaws drive very…

    • 462 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    BIg hairy problems

    • 334 Words
    • 2 Pages

    introduction, each supporting paragraph, and the conclusion. Also remember to show how you will concede a point. Answer: I’m writing about the importance of over population, and how it can be the downfall of us all if not acted upon. A population too big for the planet to handle can lead to scarce resources and food witch will drastically change the way our world and our rules work. No one will be able to own their own property and will be confined to an apartment type home. The luxury of getting full…

    • 334 Words
    • 2 Pages
    Satisfactory Essays