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The Credit Bureau VIP List

I was half-surprised to read about how credit bureaus have a two tiered system when it comes to their credit reports and how they resolve errors. Apparently, the three bureaus are quick to correct errors for the rich and famous, while the rest of us peons get relegated to their automated system that takes months to resolve even the simplest of problems.

According to the NY Times [3]:

The three major agencies, Equifax, Experian and TransUnion, keep a V.I.P. list of sorts, according to consumer lawyers and legal documents, consisting of celebrities, politicians, judges and other influential people. Those on the list — and they may not even realize they are on it — get special help from workers in the United States in fixing mistakes on their credit reports. Any errors are usually corrected immediately, one lawyer said.

While the headline of the article is about the VIP list, I felt the most important part was the bit about how they resolve issues. I’m not so naive to think the world is fair and everyone is treated equally – it’s certainly not. However, knowing that all they do it send my request to someone overseas to code it is valuable. (“complaints are often electronically ferried to a subcontractor overseas, where a worker spends, on average, about two minutes figuring out the gist of the matter, boiling it down to a one-to-three-digit computer code that signifies the problem … and sending a dispute form to the creditor to investigate”)

If they aren’t spending more than 2 minutes, I’m not spending more than 2 seconds to get the ball rolling. If I see a problem with a credit report, I flag it immediately and let them sort it out. If they require documentation on my part, then I’ll waste my time trying to look it up and collecting it. Knowing they spend just 2 minutes is valuable, it lets me know that I shouldn’t spend much time either (at least in the beginning).

How do you feel about this VIP list?