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Credit Bureaus Do What??

by | Feb 12, 2014 | Avoid Bankruptcy, Credit Score, Debt Settlement

Marketwatch.com recently ran an article titled “10 things credit bureaus won’t say”. It highlighted 10 things credit bureaus do that average consumers don’t know about. Here are some of the kickers:

– Each of the three major credit bureaus maintains more than 200 million files on consumers, essentially tracking about 63% of the U.S. population according to the Consumer Financial Protection Bureau.

– Selling data is the primary revenue source for the credit bureaus, which made $4 billion in 2011.

– Equifax maintains a private database of salary records on more than 33% of U.S. adults, and it sells this data to eligible lenders, including mortgage and car finance companies.

BUT here is the real shocker,  “Roughly 47% of employers say they pull credit reports on some or all job applications, according to the Society for Human Resource Management. If a credit background check reveals negative information, employers say, certain credit problems, such as outstanding judgments, accounts in debt collection and bankruptcy, are most likely to make them decide not to extend a job offer, according to a separate SHRM survey.”

Read more at marketwatch.com: https://www.marketwatch.com/story/10-things-credit-bureaus-wont-say-2013-02-15?pagenumber=3

If you have outstanding judgments or accounts in debt collection on your credit report, consult with a debt settlement attorney who can help you settle those debts. And if you are considering filing for bankruptcy, consult a debt settlement attorney first to see if bankruptcy can be avoided. Debt should not be the difference between you finding a job or not.

 

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Kevin Fallon McCarthy

Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.