Contact Credit Bureau & Citibank
January 29th, 2008 | by admin |Citibank enacted a similar policy like contact credit bureau when it scanned the credit files of customers with inactive credit lines and canceled those accounts that appeared to be "at risk." Representatives of the credit industry argue that under current laws, none of these practices are illegal. However, numerous entities, including the Federal Trade Commission and the attorneys general of 19 states have begun to voice their concerns about credit agencies and the way they do business. The group recently settled lawsuits filed in July against Cleveland-based TRW Inc. — largest of the three bureaus that also include Equifax Inc. of Atlanta and Trans Union Corp. of Chicago — for unfair business practices. "There is a growing public awareness regarding problems within the credit-reporting industry," said Elgie Holstein, executive director of Bankcard Holders of America.
