No more Equifax, Experian, TransUnion?!

Are you fed up with the Big Three credit bureaus? Would you like someone to lock them up, shut them down, and throw away the key? It could happen.

In case you aren’t aware, President Biden has proposed closing these private credit bureaus and replacing them with ONE mammoth credit bureau run by the Consumer Finance Protection Bureau (CFPB).

Instead of having three credit scores, you would have only one score. (No more throwing out the lowest score and going by the middle score for a home loan.)

The CFPB’s president is appointed by the president of the United States. Each four years, the bias could change from Democrat to Republican and vice versa. How would this change the rules of scoring?

Would having one government-owned and government-run credit bureau promote fairness and equality, and prevent errors?

Would it make disputing errors more difficult? We all know how slow government agencies run compared to private enterprises.

Let’s keep our eyes on the news to see what happens. Meanwhile, I am interested in YOUR opinion. And since we’re still dealing with the Big Three, if you need help improving your credit, please see here.

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17 thoughts on “No more Equifax, Experian, TransUnion?!

  1. I recently looked at my credit scores and was SHOCKED. For some unknown reason my Experian score dropped 76 points. I called, to no avail, No help, Ordered my report..So Freaking Mad 😡

  2. I don’t support that idea at all. I have to say I could be on board with one credit agency, but the government never gets anything right as it is, lol. God forbid you have to dispute anything. No thanks 😬

  3. What a horrible idea! We need less governmental involvement not more. Who wants the government determining who can and who can’t borrow money?
    For the most part governments screw up everything they touch.

  4. This is all about government control, eventually if we continue getting socialists democrats for presidents we will not have the liberty to decide on any economic or personal issues

  5. Hello Carolyn,, thanks for the daily email, a question I would have, if it was decided to remove the three credit bureaus and only have one credit bureau with one score, do you think anybody’s personal information that is in the three credit bureaus now would be tampered with fraudulently?I remember the security breach with Experian a couple of years back where there was approximately 130 million people’s personal information was hacked into. Just a questionable thought,,, thanks Todd….

    On Thu, Feb 11, 2021, 1:03 PM Ask Carolyn Warren wrote:

    > askcarolynwarren posted: ” Are you fed up with the Big Three credit > bureaus? Would you like someone to lock them up, shut them down, and throw > away the key? It could happen. In case you aren’t aware, President Biden > has proposed closing these private credit bureaus and replacin” >

    • Todd has a valid point. I doubt all of that personal data would just be destroyed and not used for some kind of advantage.

    • Nothing has been said about what would happen to the information in Equifax, Experian, and TU’s systems. I would expect them to try to monetize it in some way. (They already do.) You can put a freeze on your credit reports.

  6. That will be amazing, the government would be more partial than the credit bureaus, usually, the credit bureaus take the side of their paid customers like a collection agency. I have been trying to follow your book directions to fight a collection agency that keeps holding me hostage for a bill that was created by ex-wife, they just don’t care. I file a complaint with FCC and the collection agency provided a printout of charges billed to me without my concern. Equifax is the only bureau that still showing these collections from one collection agency, and it’s so unfair that they don’t ask for any more information to confirm that I was the person creating these bills. As you know a simple printout satisfied Equifax and The CFPB’s.

    ________________________________

    • You can send a copy of the one page of your Divorce Decree that shows the debt was given to your ex by the court. Send that to the credit bureaus. Even though the credit bureaus might delete it, that will not stop the collection agencies from continuing to try to collect. Creditors are not party to a divorce, meaning if both people were on the account when it was opened, the creditor can try to collect payment from both of those people Good luck!

  7. Hi Carolyn,

    I’m so on the fence about this plan.  I see advantages/disadvantages in both models.  But, I’m no expert.

    I have a credit card that shows up on transunion but not on Equifax (per CreditKarma).  I guess I have to send JCPenny a letter to tell them to report to Equifax!

    Love the updates!

    ~Bill

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