W.T.F. a fourth bureau?

STOP!  PAY ATTENTION!  This is some serious shit that i am about to drop in your lap. I’m going to give you a few minutes to put the kids to bed, turn off the T.V. get your glasses and a pen and paper. Well are you ready? Let’s focus… This is a preliminary post with more to follow as i continue to research this craziness. Any finance or accounting  pros out there please help us out with any info you can share. We all know about the 3 major credit bureaus, Equifax, Trans union, Experian. But you might not know that there are other CLANDESTINE companies who track the rest of your life.(collectively they are known as the FOURTH BUREAU). These companies sell that information to lenders, landlords, employers and even health care providers with out your knowledge or consent. These companies gather data from sources as varied as payday loans, magazine subscriptions, cable subscriptions, utility bills, auto warranties, also purchases of prepaid cards, visits to payday lenders, plus rent-to-own furniture stores, gym memberships, rent payments and cell phone bills. WAIT a f*****g new york minute. Are you listening to the words that are coming out of my mouth. These companies know whether your checks have cleared. WHAT! and they scour public records for mentions of your name. SON-OF-A-BITCH this pisses me off!  These companies unfairly use your data to draw potentially harmful and unreliable conclusions about your credit worthiness and your ability to pay.  Five – facts about the fourth bureau: (One). The fourth bureau collects what the big three don’t. There is no industry standard for the type of data that can be used in the fourth bureau. (Two.) 30-70 million U.S. consumers or more do not show up in the big three or have thin credit histories. Ahhhhh let’s think about this for a minute, i wonder who these people could be that are being targeted by these mother f******g vultures. Come on you have been following my blog for a while you know this answer come on its easy. IT’S THE YOUNG STUDENTS, IMMIGRANTS, MINORITIES OR LOW – INCOME CONSUMERS. Surprise, Surprise. (Three.) Fourth bureau data can help you qualify for a loan or better rate – or NOT. For consumers outside the big three, the data in the fourth bureau can help them establish a track record that proves they are financially responsible. Showing that you’ve paid other bills on time may help persuade banks to lend you money. But not all of them are willing to accept the data in place of a traditional credit history. On the other hand, if you have been late on your bills, it may come back to haunt you even if your record at the big three is clean. (four.) You may be charged a fee to look at your records. You can be charged as much as $11.00 for your file. However, anyone who hs been denied credit or gotten a bad interest rate  can get one free report . (five.) No one knows how accurate the reports are.
Federal regulations do not always require companies to disclose when they share your financial history or with whom, and there is no way to opt out when they do. No standards exists for what types of data should be included in the fourth bureau or how it should be used. No one is even tracking the accuracy of these reports. That has created a virtually impenetrable system n which consumers, particularly the most vulnerable, have little insight into the forces shaping their financial futures.
Now it’s your turn – comment ,offer some advise, provide some research, MAKE SOME NOISE DAMN IT!


Filed under Current events, Financial opinons, Life, Uncategorized

14 responses to “W.T.F. a fourth bureau?

  1. Pingback: The Major Credit Bureaus Database | HelpWithDebtNow.com

  2. Scary … Serious and VERY scary.

  3. Ling-Ling

    I want to know what the formula is that calculates a credit score, if you can tell me that some number that some company tells you what kind of person I am, I will tell you to suck it, everyone goes through hard times, especially in this economy, it doesn’t mean that a few rough months should dictate your life forever. Sheesh. Very amusing and Infromative!!

  4. I want to know more. How did you hear about this Fourth Bureau?

    • Hello Lorna. Nice to hear from you again. I will posting links to some of the companies that are part of this Bureau, along with links to the news companies that are investigating and consumer groups that are trying to take legal actions. These vultures hide in the shadows and track your ENTIRE LIFE for profit.

  5. flygurlual

    Hey, breakitdown,
    Great story. I am not one bit surprised that this bureau, exists. It is Big Brother. Everywhere we turn there are cameras to monitor our every move.
    At one point I had to just acknowledge, that there is no such thing as privacy and try to keep paranoia, from making me totally insane. It’s not to say, we should be apathetic.. It’s not right. When I saw wiretapping without warrants, the Patriot Act, and everything else that’s been done to citizens in the name of “fighting terrorism,” I realized, how uninformed we really are.
    Thanks to people like you, we have some information..And, as they say, “information is power.”
    Thanks again, for the great story!

  6. I love this post! On my wavelength. It inspired and reminded me of one that I want to write about how credit card companies know 2 years before a couple divorce, that they are going to divorce…..even before the couple know so themselves! The level that companies have and track our personal information is crazy and scary!!

  7. As usual…always informative and funny. I had never heard of anything like that before. Keep digging and let us know!

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