Experian Notes a Connection Between High Credit Scores and Identity Fraud

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Experian one of the big 3 credit reporting bureaus today released a press release pointing out  "a study" they did "finds a significant relationship between high credit scores and propensity for identity fraud victimization."

They further note in the release that their "findings should herald a warning for consumers and businesses alike...Identity fraud can damage an individual's finances..."  Experian is uniquely positioned to not only alert consumers and credit issuers to findings such as these, but also to offer products and services to help them combat the problem."

Many of us would be far more interested if a study tackling why it is 1 in 4 credit reports have errors was their focus!  A study on how to improve on the credit reporting has system itself rather than a  "study" that touts Experian being "uniquely positioned" to offer services and products to help combat identity fraud could be far more beneficial to the public.

Ironically, many consumers (and advocates) believe that sloppy credit reporting practices and a flawed system directly relate to the frustrations and harm caused to innocent consumers.

Endless complaints continue to flow from consumers who find themselves battling over and over trying to correct the erroneous or fraudulent information contaminating their credit reports.

The thing is, Experian's actions (or in-actions) when maintaining our credit reports and their their credit reporting procedures continue to be the basis of many consumer complaints that force consumers to file lawsuits to find relief and justice. Now that's a problem worthy of studying.

Their countless '"not really free" -credit report ads have also been widely viewed as misleading to consumers who find themselves paying for a service they didn't want. Their ads have been the source FTC fines, a variety of state Attorneys General investigations and thousands of Better Business Bureau complaints -yet their "free" credit report ads still run and the FTC produced a funny spoof video mimicking the ads.

Interestingly, today's press release comes on the heals of a prior release published a couple of weeks ago: "Experian full-year profit up 11 pct" -a release noting their revenue rose 2 percent to $3.9 Billion.

Identity theft is far more than what is in your credit report. And no one is immune to it -not low score or high score individuals. I can't help but note that since Experian's Press Releases seem to indicate they have both time and  money to invest in studies -one that is long overdue and deserves delving into is how to revamp and fix the problems within the credit reporting system itself. Improving credit reporting practices would go a long way in reducing complaints, errors and fraud.



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