Consumer complaint received 2023-04-18
Company: Experian Information Solutions Inc.
State: TX
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Problem with personal statement of dispute

Complaint:
The entire consumer credit reporting system is flawed, unconstitutional, and harms US citizens. 

Remember the banking crisis a few years ago when almost all the US banks failed due to making speculative bets on subprime mortages? The government had to bail them all out using taxpayer funds. I bailed them out. 

Remember when XXXX XXXX Bank failed and there was widespread fear of contagion spreading throughout the financial sector because these institutions are all houses of cards- overleveraged, interconnected, and underregulated. 

Why is an employer allowed to deny me a job based on the fact that I couldn't pay a cell phone bill XXXX  years ago or that I declared bankruptcy due to a divorce etc, but these banks can get all the money in the world at the snap of their fingers for fake digital coins and selling grey market loans - people 's savings and retirements gone the instant they collapse. It always falls on the government and thus the taxpayer to save them so they can then repeat the act. 

These instituions are private for profit companies, not public instituions. They make plenty of money with interest rate arbitrage and wild, complex financial derivative products that all accomplish the same end. Ripping someone off. 

Why would you create a consumer credit reporting system that serves the informational interests of reckless financial predators who can not manage other people 's money, so they can decide whether or not to extend credit to someone. Of course they will extend credit to anyone. As long as they can take more than they gave for that credit. In interest while solvent and in assets and future wages when not. 

Employers read these reports to discern between responsible and irresponsible job candidates. Housing agencies deny leases to people who they believe may not be able to pay their rent. Credit reports now dictate the entire lives of individuals. 

The entire system favors those who can get " credit ''. Those who can get credit are those who have the most credit cards open in their name with a long history of on time payments. Not the most financially responsible. Could have made just the minimum required payment ( which we all know will never pay off a balance due to compound interest ) and they'd be able to get loans or apartments or jobs. 

Problem is, credit isn't capital. It's buying something with borrowed money at high interest rates. All it takes is a variable interest rate and inflation to knock someone into bankruptcy. That credit score means nothing to the landlord. You can only borrow so much. Etc. In the end it serves no purpose. Just harms consumers. 

Make this credit reporting system illegal. It prevents people from being able to live according to their current means, denies people the ability to find employment and rectify their previous mistakes, and serves only the institutional usurers who can not even avoid going bankrupt themselves despite controlling the economy. 

Start monitoring the banks instead of hard working citizens.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation