FTC Finds 20% of Consumers with Credit Report Errors – A Federal Trade Commission study determined that one in five consumers had errors in at least one of their three major credit reports. Credit report errors cause consumers to pay more for mortgages, auto loans, insurance, and other loans.
Overall, the congressionally mandated study on credit report accuracy and integrity found that one in five consumers had an error in at least one of their three credit reports.
“The results of this first-of-its-kind study make it clear that consumers should check their credit reports regularly; if they don’t, they are potentially putting their pocketbooks at risk,” said Howard Shelanski, Director of the FTC’s Bureau of Economics. “These are eye-opening numbers for American consumers.”
The February 11, 2013 study also found that:
– One in four consumers were able to identify a credit report error that might adversely affect their credit scores.
– One in five consumers had an error on at least one of their three credit reports that was corrected by a credit bureau after it was disputed.
– Four in five consumers who filed a credit report dispute were successful in obtaining a modification to their credit report.
– More than one in ten consumers experienced an improvement in their credit scores following the modification of their credit reports.
It is essential that you ensure the accuracy of your credit report which contains vital information about your financial history. Failure to correct key errors in your credit profile may result in your paying more to borrow money, cause you to be denied a credit card, mortgage or other loan, and have other adverse consequences on your family’s personal finances.
For more personal finance advice including helpful tips on how to improve your credit score, go to CreditScoreFree.net.
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