Study: 1 in 5 consumers had error in credit report
WASHINGTON (AP) — A government study says 20 percent of consumers had an error in a credit report issued by a major agency.
The Federal Trade Commission study also says 5 percent of the consumers identified errors in their reports that could lead to them paying more for mortgages, auto loans or other financial products.
The study looked at reports for 1,001 consumers issued by the three major agencies — Equifax, Experian and TransUnion. The FTC hired researchers to help consumers identify potential errors.
The study closely matches the results of a yearlong investigation by The Columbus Dispatch. The Ohio newspaper's report last year said that thousands of consumers were denied loans because of errors on their credit reports.
The FTC says the findings underline the importance of consumers checking their credit reports.
The Federal Trade Commission study also says 5 percent of the consumers identified errors in their reports that could lead to them paying more for mortgages, auto loans or other financial products.
The study looked at reports for 1,001 consumers issued by the three major agencies — Equifax, Experian and TransUnion. The FTC hired researchers to help consumers identify potential errors.
The study closely matches the results of a yearlong investigation by The Columbus Dispatch. The Ohio newspaper's report last year said that thousands of consumers were denied loans because of errors on their credit reports.
The FTC says the findings underline the importance of consumers checking their credit reports.
I sent a registered letter to all three agencies stating that they have no permission to release ANY information on me without a signed and notarized request from me. I guard my 0 credit score very carefully. (It is a zero because I haven't used any form of credit since I paid off a car loan while at Ft. Hood in 1975.)
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I still get about seven or eight "pre-approved" credit card flyers in the mail every day. For some reason, they think people with an eight figure net worth are anxious to pay 24% for using a credit card.
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Side note: how to balance the post office budget: do away with "bulk" mailing rates.
Just about ever person I know has had problems with their credit reports. My record had had entries that had the wrong SSN, the wrong address, and the wrong first name. Just the last name was common. It still took a major effort to get them removed.
If we had blocked VISA and Master Card in the US in the early 1960's most Americans wouldn't be dealing with the credit issues they have now. Â Then came useless credit reports.
This is news? Ten years ago this error rate - or larger - was being reported. Still won't get the gubment off its ass to protect consumers though. I am normally not a fan of increased regulations. However, when you are the only game in town and able to make your own rules - some of which are bad for consumers ; there are times you need to be straitened out with the gubment whipping paddle.