Their products only improve their own bureau’s scores, so people trying to improve their credit get suckered all the way around by both companies or risk one score being even more out of sync with the other than they often already appear.
Essentially Equifax and Transunion determine their own algorithm that is used to determine everyone’s scores, then sell products that are specifically designed to influence people’s credit scores, with that specific bureau only.
So they control the power of people’s credit by determining the individual scores, and then they control and aggressively market products that they then profit from which are designed to influence the same scores they set the rules for. On top of that, if you decide to stop purchasing their product, your score then goes down because you are considered to have one less credit option available to you once you stop your subscription to their service.
Canadians should be outraged! The ones that are low or middle income earners anyway. But I don’t think many people realize this, so they get suckered in because they are forced to have what is essentially blind trust in our only two credit monitoring agencies.
It’s a very messed up system, that has only minimal oversight at best from provincial regulators and on rarer occasion federal jurisdiction.
Submitted July 18, 2023 at 03:41AM by bkh416604 https://ift.tt/N3PpMGt
