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So many people believe that the credit bureaus are Government run or at least are quasi-government institutions, with the mandate to ensure that every US resident pays his or her bills on time.

The three major credit reporting agencies, Equifax, Experian and TransUnion are commercial businesses. You can, if you so desire, own a piece of Equifax or Experian as they are listed on the stock exchange and their shares are bought and sold by people, just like you, each and every day. They have absolutely no ties, connection or affiliations with any levels of Government - municipal, state or federal. They pay taxes, report employee earnings and submit withholding deductions just like any other company in the private sector.

Where does this misinformation come from. It is propagated throughout the US by your creditors. They want you to believe that the credit agencies are official, that they are somehow or in someway connected to government. Why? Because they believe, and rightly so, that the average individual fears government more than they fear a commercial enterprise. They want you to think that if you question a report, surcharges, unethical debt collection methods and worse, that you will suffer the wrath of your government! To your benefit, a credit report is not a legal document that cannot be changed or corrected, it was not issued by a court, their was no presiding judge and their definitely was no prosecutor!

To sum up: Contrary to popular belief, credit agencies are not affiliated or operated by any government agency. A credit report is not a legal document nor does any government body have any involvement in creating them. There are no laws, municipal, state or federal that state in any manner what-so-ever that credit reports must be produced by creditors and there is no law municipal, state or federal that states that they must be forwarded to a credit agency and furthermore there is no legal mandate or government bill that states that credit agencies must even exist! Any credit report is no more than a document that has statements that have not been proven.

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