The Real Meaning of "Free" Credit Report Dot Com

[Bulletin Justin]

Just Thought You Would Like To Know....

I am a DU member who is more of an observer than anything else. I love reading the posts on this site. I find it informative, thought provoking and generally entertaining.

Now it is time for me to share some information I got at work that I found very interesting. I have worked in all kinds of jobs over the years and worked in the mortgage banking industry for ten of those years. During that time I became very familiar with the credit reporting agencies and federal fair credit reporting laws.

I now work part time as a cashier at the “beloved” big store. While at a meeting regarding opening new credit card accounts I learned that this company no longer uses the standard credit reporting agencies to evaluate the credit worthiness of its customers. (Experion, Equifax and TransUnion used to be the big three and are still thought to be.)

I was informed by the regional company representative managing the new push for new credit card accounts that instead of using the traditional companies for credit reporting they instead are now using THE FEDERAL CREDIT REPORTING AGENCY. I asked as innocently as I could about this entity and was told it was a new government agency. I was told that the information they could get from this agency was configured in such a way that it was more efficient and effective in evaluating the consurmer's profile and credit worthiness. He made it sound like the other three were not as accurate, and my guess is they got a sweet deal as far as servicing fees are concerned. This company uses "Gee Eee" Financial Services to service their accounts. Nothing like the defense contractor/finance company having it all tied up with a nice big bow! Don't you think?

[Rhiannon12866]

1. Thanks for passing this on...

:hi:

[EFerrari]

2. Thanks for the head's up. n/t

[NavyDem]

3. GE Financial Services

handles several different department/big box stores. Here is a full list: http://www.gemoneycards.com/contact_us/retail_partners/index.html

The store you work for has used them for several years. I'm interested to know more about this "Federal Credit Reporting Agency". Is this the name of it, or where I can find more info about it?

I don't know if it applies to credit reporting agencies, but I know collection agencies cannot infer that they are a government office.