Our consumer protection laws seem to be dwindling away at a time we need them most and at a time privacy concerns, data breaches and widespread identity theft continues to blossom at alarming rates.

Is it a case of America simply receiving the best laws money can buy caused by increasing demands of powerful industry lobbyists? Our consumer protection laws should be based on the needs of all citizens and not based on the wants of special interest groups. Have we forgotten the difference between wants and needs? They are two very different things.

As a consumer who turned advocate after my own epic battle to reclaim my true and accurate credit rating, I can testify first hand to the consequences of, and steep price paid, by consumers when inaccurate credit data haunts your life and won’t go away. Whether the dirty data occurs from a data breach that leads to an identity theft or erroneous credit information is laced throughout your credit file caused by any myriad of reasons, the single biggest complaint among victims is their inability to clean the dirty data and stop it from being disseminated.

Our congressional representatives comprise of very wise, judicious, knowledgeable men and women-that’s why we voted for them -Right? Then why don’t they see we need stronger laws in place to stop the effects of identity theft, and the need to close countless gaping loopholes that exist within the complex laws they created. Why is it they can’t see that by abolishing state laws as a current proposed bill is seeking to do, would only serve to allow identity theft to grow at an even more frightening rate than it is?

Our laws should not be for sale –for any price –they should be the best laws money can't buy!

Posted by Denise Richardson at 03:54 PM | Permalink | Comments (0) | TrackBacks (0)

In the course of writing my book, I met a number of people with perfectly good credit who felt ashamed about their inability to clean up the dirty data contained in their credit reports. I was amazed to learn how many consumers were embarrassed to discuss their credit matters, even when they weren’t to blame for their contaminated credit. As Debra from CT wrote,

“...I never bring up the subject of my credit problems for fear that people will think I’m a deadbeat and don’t pay my bills on time. It’s embarrassing enough when we’re denied credit due to credit errors, but to talk about it to someone other than somebody like you who understands it, it’s just too shameful. Hopefully what you are doing will help to remove the stigma that is placed on this topic, so people will feel free to openly talk about the problems within the credit industry and bring about much needed change.”
Sincerely,
Debra
Connecticut

Debra’s letter points to a prevalent issue – there is a real stigma associated with having credit problems. While people who have been victims of identity theft have no problem sharing their nightmarish stories, those who have been victims of inaccurate credit reporting never feel comfortable discussing their stories. Their fear of being viewed as “dead-beats,” along with concerns about being blamed or shamed, forces them to suffer in silence. And, this lack of consumer action further masks the enormity of the systemic problems within the credit reporting industry.

I learned that Debra’s fear of being stigmatized if she spoke of her troubling credit issues was quite common. Everywhere I went, I heard similar tales from waitresses, nurses, friends, store clerks, secretaries, hairdressers, dry cleaners, neighbors and complete strangers relating to their inability to find help cleaning up credit messes they didn’t create. Their credit nightmare stories weren’t new to me, but what struck me was the universality of the feelings they shared, for example:

- Their shame and embarrassment about credit problems they didn’t cause

- Their feeling that they were alone and no one could understand what they were going through

- Their lack of awareness of the many on-line communities and advocacy groups they could turn to for guidance and support

- Their enthusiastic response to being able to speak freely about their problems once they discovered that I understood how they felt, having been in their shoes myself

- Their willingness to support change within the system and their desire to learn steps to prevent further credit damage from occurring in their lives

- Their relief when they realized they didn’t have to feel ashamed, guilty or humiliated about their inaccurate credit problems

For those battling credit reporting errors, feeling shame about their predicament only adds insult to injury, causing them to remain silent, instead of placing the blame where it really belongs. If consumers’ voices continue to be silenced due to the stigma associated with credit problems, the systemic problems within the industry will remain hidden as well.

Posted by Denise Richardson at 03:00 PM | Permalink | Comments (0) | TrackBacks (0)

Credit has to be earned much like credibility. Unlike other products, you can’t purchase it, nor do you have a choice of refusing to deal with the company that produces the product.

Finding out your credit is erroneous is like finding out a product you purchased is defective. Time and time again, you try to fix the problem but your many attempts to repair the product fail. Your frustration over your inability to get the product repaired leads you to your browser one day, where you type in the product’s name using key words like “trouble,” “problems,” “lawsuits,” “nightmares,” etc., and suddenly thousands of pages come up to view. You find yourself reading story after story, about victim after victim, all having the same complaints and same malfunctioning product that you have.

You’re stunned, but you recognize that you are not alone and what’s worse, it appears that you’re powerless to change it and stop the product from being sold to other unsuspecting consumers.

If any product (other than credit) had this many problems, surely something would be done about it...right? There would be warnings to the public and we would have a choice to stop purchasing the defective product. But therein lies our biggest problem –the product they are selling and making a bundle on –our identity, is faulty and the burden to ensure the known substandard product isn’t sold until it’s fixed, is placed on us, not the corporations who are profiting from it.

Mine, by far, is not the worst nightmare story out there –not by a long shot. Rather, my complaints are quite typical and even representative of what appears to be a systemic problem within the industry. Unless we bring our stories to the forefront, warning the public and shedding light on the defects of the system to our legislators and governmental agencies that can step in to help us, these corporations will continue to sell, and profit from, this known defective product –without any accountability.

I can’t help but wonder how we found ourselves in the role of a quality control expert that requires us to work endless, unpaid hours just to ensure the product they are selling –US, is of good quality. Even more ludicrous is the fact that we actually have to purchase the product ourselves, before we can fix it. Our own credit scores are not free! Since we are essentially working for free –wouldn’t our role as quality inspectors be more effective if we at least received the product they’re selling for free? Isn’t it asking a little too much of us to work for free repairing their product (our own information) and be required to buy it too?

Considering the number of hours we find ourselves working without pay –there might just be some labor laws being overlooked as well.

Posted by Denise Richardson at 08:48 AM | Permalink | Comments (0) | TrackBacks (0)