Those hearings resulted in the passage of the Fair Credit Reporting Act in October of that year, which gave consumers rights regarding information stored about them in corporate databanks. Some observers believe the hearings prompted Retail Credit to change its name to Equifax in 1975. With its new name, Equifax continued to grow in size and scope. Today it is the world's largest consumer-reporting organization. For nearly 10 years, I've been writing about people whose lives have been thrown upside down because of credit databank screw-ups.
Some cases are simple disputes blown out of proportion.
Others are incidents of stolen identity - one person assumes another's name and Social Security number, applies for a dozen credit cards, and proceeds to run up huge bills. It also helps to pay bills on time and immediately challenge any incorrect information you see on your report. I've always done that. Have them send e-mail. Inc. All rights reserved.