Since the conversation is about credit scores and Credit Karma, it feels like a good time to share some information about credit reports I learned recently... 1/

First, understand that you are not the customer of the credit reporting agency. The creditors are the customers. They choose which bureau to report to, and they decide how to report it, all governed by the Fair Credit Reporting Act. 2/

One of the provisions of the FCRA is that consumers have the right to dispute any information in their credit files which is erroneous. Sounds pretty straightforward, and it is, unless the creditor, the agency's customer, disagrees. 3/

Let's say you see something in your Equifax credit report that you know is erroneous. You fill out the dispute form and submit it to Equifax. They must investigate your dispute. But their investigation is basically asking the reporting creditor if the info is correct. 4/

And if the creditor says, yep, it's all good, that's it. The incorrect data remains on your report. You have the ability to re-dispute, but the same process holds. As long as the creditor affirms that the data is correct, Equifax will report the data as if it is correct. 5/

You can place a statement on your credit file disputing it, but caution: you are limited to 500 CHARACTERS, NOT 500 WORDS. 6/

The Consumer Finance Protection Bureau is useless. They also merely accept the word of the creditor, AND prevent you from filing the same complaint twice. 7/

My advice is: get your actual credit report from the three major agencies every year. Don't rely on Credit Karma. That is incomplete data. Scrutinize your reports carefully. The agencies don't care if it's correct or not. But you do. /end