- 25% of U.S. consumers found errors on their credit reports that could crimp their credit health.
- 20% of consumers had an error on their credit report that was corrected by the credit agency after the mistake was disputed.
- 80% of consumers who filed disputes had the mistake “modified” by the credit report agency.
- 5% of consumers had a maximum score change of more than 25 points, and only one in 250 consumers had a maximum score change of more than 100 points.
Monday, September 23, 2013
Credit Report Errors
A February study from the Federal Trade Commission says that 20% of Americans have errors on at least one of their three reports (from Experian, Transunion and Equifax ) and that 5% had mistakes that "could led to them paying more for products such as auto loans and insurance."
Here’s a snapshot of relevant points from the FTC report:
Credit reports are free through annualcreditreport.com, FTC officials note — and contact the credit bureau right away to fix a mistake. That’s especially important before buying a home, car or applying for a credit card or insurance policy.