credit reports - the big scam

Am I the only person in this country that feels that credit reporting agencies are a total scam? Here we have privately owned corporations with access to our entire life history, and yet they are not responsible for inaccurate data, don't have to ask our permission to start a "file" on us, and actually charge us money for a copy of it (unless you're one of those lucky individuals who has received notification of a "negative" bit of info being added to your credit report - then you can ask for a free copy).

Adding insult to injury, they go one step further and create optional credit "management" subscription services that allow us to view and (supposedly) maintain our credit reports so that we know that they are fair and accurate.

Personally, I can't believe that this country allows this type of a business to operate. I understand the need for background reporting, but I don't believe that any privately owned entity should be able to compile and regulate files on individuals, unless the individuals themselves initiate an account or transaction with that entity. This is such a scam. You hear about people trying to "fix" their credit reports all the time, due to incorrect, inaccurate, or incomplete credit reporting. I once had a student loan that was bought and sold by several banks, and it actually showed up on my credit report for each bank, as if each one was still owed money. So, when I went to get approved for a mortgage, I was almost rejected due to the fact that my loan showed that I owed four times as much as I actually owed. What a joke!

Then I had to jump through hoops working with the bank and credit reporting agency to get them to fix the report. I had to waste my time to get them to fix their error! In my opinion, the credit reporting agency should have to jump through hoops and kiss my ass for making a living off of my financial history, not the other way around. It makes me sick.