MySy Inc. and Second Chance Credit                                CAN CREDIT BUREAUS BE TRUSTED?                                                                                                                                                                       

A Nationwide Service

MySy Inc. IS A CREDIT CONSULTING AND CREDIT RESTORATION SERVICE.  WE HAVE ASSEMBLED A TEAM OF EXPERIENCED CREDIT EXPERTS, KNOWLEDGEABLE STAFF, AND COURTEOUS CUSTOMER SERVICE REPRESENTATIVES WHOSE ONLY GOAL IS TO HELP YOU IMPROVE YOUR CREDIT HISTORY ONCE AGAIN.

 Our goal is simple: Help you get the best credit legally possible so that you can do the things you want to do.  Our program improves your credit by removing inaccurate accounts which you may not be able to resolve yourself. Having good credit is in everyone's best interest.

WHAT THE FTC WON'T TELL YOU ABOUT THE CREDIT BUREAUS

Big Business, Little Service

Until the late 1980s, consumer credit records were scattered among thousands of low-profile local bureaus. But the industry gradually underwent a consolidation frenzy that left three companies controlling the data... of 210 million Americans. The smallest, Chicago-based TransUnion, is owned by the Pritzker family of the Hyatt hotel fortune and boasts credit-reporting operations in 25 countries, including Nicaragua and Botswana. Publicly traded Equifax, founded in 1898 by a Tennessee grocer who sold his customers’ payment records to fellow shopkeepers, calls itself a “global leader in information solutions” with businesses as diverse as risk detection and database management. (According to its income statements, its consumer data unit remains its most profitable, boasting a 40 percent pretax profit margin.) Experian, the largest of the three and based in Ireland, is a $4 billion company that uses consumer data to help businesses send more than 20 billion pieces of junk mail every year.

Together, the three credit bureaus have amassed a spotty record on consumer care. In 2000 they jointly paid a $2.5 million Federal Trade Commission fine for blocking millions of phone calls from consumers. Three years later Equifax paid a second fine because it still hadn’t hired enough people to answer the phone. In 2005, after new federal laws forced the bureaus to give away credit reports, Experian was hit with a $950,000 FTC fine for marketing those reports through a Web site that automatically charged consumers for an $80 credit-monitoring service. Last year TransUnion agreed to pay $75 million to settle a class-action lawsuit over sales of consumer data for marketing purposes.

The bureaus, which never admitted wrongdoing in these cases, say they realize the importance of providing reliable information to lenders and consumers alike. “If we don’t, we cannot survive, either as a company or as an economy,” says Equifax spokesperson Tim Klein. But they also admit that credit-report errors can stem from glitches in their own systems. Some mistakes occur thanks to the algorithms used to match loans to individual credit reports. If the name or Social Security number on another person’s account partially matches the data on your file, the computer might attach it to your record. The credit bureaus also employ contractors who gather tax lien and bankruptcy data from courthouses and government offices. If these workers transpose a digit or misread a document, their error winds up on your report. But even if they never made mistakes of their own, the bureaus say they can’t possibly patrol the accuracy of the 3.5 billion pieces of account information they receive every month from lenders. “We’re the library,” says Maxine Sweet, Experian's director of public education. “We don’t write the book.”