Representative Jim Clyburn asked the CFPB to investigate Experian, Equifax, and TransUnion for ignoring millions of disputes and violating the Fair Credit Reporting Act. Daniel Rosen says this confirms credit bureaus use stall tactics to avoid giving consumers relief.
Hey, credit heroes. I am going live right now. So join me on this live. Join me on this live. This is an important one because I have some important breaking news that you need to hear. Breaking breaking news. And we're going to get to that in just a second. But I want to give a little time for some people, some more people to jump on, okay? In the meantime, did you have a good weekend? I had a weird weekend. My foot was killing me on Saturday. I couldn't walk. And I hate massage. I hate the thought of anyone touching my feet. I don't even want anyone looking at my feet. No, don't look at that. But my foot was hurting so much that I actually got a massage. It hurt so bad I was screaming. But on Sunday, I could walk. It was like a miracle. So my weekend ended up pretty good. Anyways, I'm speaking to you live from our credit repair cloud headquarters here in sunny Venice Beach, California. And if you are here with me right now live, drop me a hashtag live down in the comments. And if you're watching the replay later, drop me a replay because I want to see who is here. Okay? So like I said to today, we have some important breaking news to talk about. Here's what's going on. Congress just dropped a credit bureau bombshell and the fallout is going to have a serious impact on your business. Actually, it already has. A few days ago, Representative Jim Clyburn, who is the chairman of the select subcommittee on the Coronavirus crisis, he sent a letter to the director of the CFPB requesting that they investigate Experian, Equifax and TransUnion for potentially violating the Fair Credit Reporting Act. And Chairman Clyburn, I love him. His letter alleges information. Here's his exact words. Information obtained by the select subcommittee indicates that there are long standing problems with the nationwide consumer reporting agency's practices for responding to consumers who challenge credit reporting errors. Now, I know what you credit heroes are thinking. How is this news? We knew this already. Well, according to the select subcommittee, they have information that suggests the bureaus are disregarding millions of disputes. The bureaus overly rely on data furnishers to investigate disputes and the majority of disputes do not result in relief for consumers. Now, if proven, these allegations confirm what we already know, that the credit bureaus use intentional and coordinated stall tactics. Now, I know that as credit heroes, we see this every day, but it's pretty cool that Congress is seeing it too. Right now, the CFPB must launch an immediate investigation into the credit bureaus and that is going to bring change. So what you need to do is tune into my full episode to hear all this breaking news, to hear all the details and all the evidence and my take on what these allegations mean for our industry and for your business. Now, this is a developing story, so I'm going to keep you updated as it progresses. Now, if you're watching me right now in our Facebook community, hi, everybody. What's going to happen? If you're watching me in the Facebook community, My team are going to drop the link so you can watch this important episode right away on YouTube. And if you're watching me right now on YouTube, hello, the link is going to be right over there in the show description. If you're watching me on Instagram, check out the link in our bio to have a listen. Okay? And if you're not already, be sure to subscribe and turn on notifications so you don't miss any of the secrets that I share each week on the Credit Repair Business Secrets podcast. Okay. And you would like to grow your very own credit repair business. Go to creditherochallenge.com and sign up today in the Credit Hero Challenge. You'll have live training and mentorship. You'll have a lot of fun and you'll get certified in disputing. So what are you waiting for? Again, that link is creditherochallenge.com okay? So I hope you have a great day and be sure to check out that new episode because it really is important to our industry. You should know what's going on. And until next time, remember, just because we inherited this broken system, it doesn't mean we are stuck with it. So let's keep holding these banks and bureaus accountable. And I will see you again next week right here live for another podcast Tuesday. Okay? In the meantime, go check out.
