Credit Reporting Error Statistics
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about 80% of people in the United States have credit report errors. Those statistics are from 2009, so it's likely that those numbers are higher in light of the rampant mortgage-related
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issues over the past few years.Under the Fair Credit Reporting Act, nobody is
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allowed to furnish inaccurate or incomplete information about you to a consumer reporting agency. Furnishers of information (typically creditors and credit cards statistics debt collectors) have a legal duty to investigate disputes regarding credit report errors, as well as to prevent identity theft and protect sensitive medical information.If you have errors on your credit report, there http://www.creditcards.com/credit-card-news/ftc-credit-report-mistakes-1270.php are a few things you can to do to fix the problem.4 Simple Steps To Take If You Find Credit Reporting ErrorsIf you think there are errors on your credit report you should take these simple steps:get copies of all three (3) major credit reports - Experian, Equifax and TransUnion;review every line of every single report - remember, not all credit reports say the same things;if there's http://www.consumerhelpcentral.com/credit-report-errors-correct-actions/ an error on a report, file a complaint with the CFPB as well as a request for investigation with each credit reporting agency;review the updated credit reports to ensure that the errors are corrected.If You Find An Error on Your Credit ReportFederal law provides a mechanism for you to dispute an inaccurate or incomplete information on your credit report. The process is simple: notify the credit reporting agency of the error and request that the company investigate it on your behalf.Sending a letter or calling the creditor or debt collector doesn't trigger any of your credit reporting rights.Though this takes some time and effort, most disputes result in getting the error resolved.In addition, you have a right to sue not only the furnisher of information but also the credit reporting agency for damages if the errors continue after the dispute process.Get the Government InvolvedThe Consumer Financial Protection Bureau has been the primary enforcer of the Fair Credit Reporting Act since 2012. Since that time, the consumer watchdog has handled approximately 105,000 credit reporting complaints.The problems appears to be worsening, with complaints about credit reports up 45 percent nationally in the past year. The most common
why the bureaus use a flawed system—and don’t really care about consumers anymore.Daniel Gross02.11.13 4:59 PM ETIf you think your credit report contains an error, you’re not alone. The http://www.thedailybeast.com/articles/2013/02/11/why-consumers-credit-reports-contain-errors.html Federal Trade Commission released a report Monday morning that details systemic errors in the compilation and maintenance of credit ratings, which determine what people pay for mortgages, auto loans, and credit cards—or even whether they can get them in the first place. Among the findings: nearly 26 percent of consumers in a survey conducted by the FTC found at least one credit report potentially material mistake on at least one of the three credit reports, and 20.6 percent had changes made after attention was drawn to the errors. “One out of five Americans has an error on their credit report,” FTC Chairman Jon Leibowitz told 60 Minutes in a report that aired Sunday night. “It's a pretty high error rate.” (The entire FTC credit report error report can be seen here.) And after completing the dispute process, 5 percent of the survey participants were found to have errors that could have resulted in them receiving less favorable terms for loans. The consumer credit rating business is a large oligopoly dominated by three players: Experian and Equifax, which are both publicly held companies, and TransUnion, which was acquired last year by a partnership of the private equity firm Advent International and a unit of Goldman Sachs from investors who included the Pritzker family. Penny Pritzker, the prominent Obama fundraiser who may be tapped to be the next Commerce secretary, was chairman of TransUnion. The 60 Minutes report sheds light on an Orwellian system—people only tend to learn about flaws in their credit report after they have been denied, there’s a lack of transparency, and efforts to correct errors frequently are stymied by bureaucracy and poor customer service. None of the companies responded to the 60 Minutes report. The Consumer Data Industry Association, a Washington, D.C.–based trade group, issued a response to the segment, noting that other st