Oliver found clips of TV news stories about errors in credit reports dating back to 1991.
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1 in 20 credit reports contains grave errors that seriously harm the people whom the reporting bureaus are libeling; the credit reporting industry – which controls access to rental accommodation, employment, and loans – says this is proof that the system is working, because they’re only ruining the lives of 10,000,000 people.
But Oliver goes beyond simply articulating the weakness of the reports to show how seriously banks and even potential potential employers treat credit reports when making lending and hiring decisions. These mistakes range from mixing up women named Judy Thomas and Judith Kendall, to branding one young man a terrorist.
Oliver was rightfully outraged by the excesses of the industry, particularly one trade group touting the five percent error rate as indicating that credit reports are, in general, “accurate”. “It’s also landlords deciding whether to rent you an apartment, insurers setting your rates, and even employers using it to decide whether or not to hire you”. “They’re basically saying, ‘Great news, everyone: We only f–ed up a group equivalent to the entire population of Sweden!'”
And in typical Last Week Tonight fashion, Oliver wasn’t about to leave it there.
These mistakes can be as small as reporting errors from credit card companies or as big as mistaken identity, being falsely labeled a terrorist or a sexual offender, and even being declared dead when you’re alive.
John Oliver thinks that the effect credit reports have on our lives is ludicrous. The websites advertised companies offering less-than-reputable goods and services, such as steaks made from Sea World dolphin meat and shelter animals recovered for the objective of licking peanut butter off of customers’ genitals. Experianne, for example, “specializes in whispering passages from “Mein Kampf” into the ears of babies, without the permission of parents or the babies themselves”.
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“It would be a disaster for the credit companies if they were mistaken for any of these companies, but don’t worry”, joked Oliver.
