Trident Asset Management has placed a derogatory report of a collection account on my credit file. This account is for a supposed debt to Columbia House, although I have never purchased or ordered any DVD's or CD's from this company. The amount showing owed is $88. I have never received one phone call, or letter from Columbia House or Trident Asset Management but this account is showing up on my credit report costing me precious points.
I have followed the proper procedure in trying to dispute this through Experian, but it was to no avail. Within 30 days I received a letter from Experian stating that the debt was valid. I do not understand how they can make such a determination without even speaking to me. What exactly does Experian do when investigating disputes such as these anyway? Call the collector and say "Does this person really owe you money?" I am floored that there seems to be no action that can be taken against this company for smearing my good name and entering false derogatory information on my credit report.
The credit reporting industry seems to be in the back pockets of companies such as these. It is unfortunate but a reality. I suppose if I'd like to obtain the best terms on my new home loan, I will just pay the stupid $88 and be done with it.
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