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Credit Report Errors January 27, 2011

Posted by CredZoo - Tame Your Credit in About CredZoo, New Credit Information.
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Do you know how many credit reports contain errors? No? Well, apparently, you’re not alone. Over 7 years ago, Congress directed the FTC to conduct a study of credit report accuracy. The study began with legislation passed in 2003 and continues through 2012, with a final report to be issued in 2014. Interim reports are due every two years. The 2010 interim report was issued on January 12, 2011 and you can read it by clicking here: Overview of Design of National Study of Credit Report Accuracy.

A very small study spurned this FTC investigation into credit report accuracy. The US Public Research Group surveyed just 200 consumers and found that 80% of reports contained some kind of mistake, while 25% contained “serious” errors.

According to Gerri Detweiler of Credit.com, the FTC investigation is being conducted in the following manner:

“-          Invitations have been sent by mail to a large number of consumers, with the goal of getting 1000 consumers to participate. The FTC is sending more invitations to consumers with below-average credit scores in an attempt to make sure those consumers are adequately represented in the study.

–          Consumers review their reports with the help of experts, and get their initial FICO scores. Possible mistakes are identified and the reports are sent to FICO for rescoring to determine how those mistakes may impact the consumer’s credit scores (first rescoring).

–          Consumers dispute mistakes with the CRAs.

–          If the reports are corrected, the corrected files are sent to FICO for a second rescoring.”

The results of this study will be very meaningful and will hopefully help consumers and creditors alike put an accurate amount of emphasis on credit reports. But what can you do in the meantime? Did you know that even if you’re not part of the FTC’s sample of consumers you can still get assistance in reviewing and disputing items in your credit report? The Fair Credit Reporting Act gives you the right to dispute any credit listing on your credit reports that you feel may be inaccurate, untimely, misleading or unverifiable. If a credit bureau cannot verify the accuracy of a disputed listing, it must be removed from your credit report.

To find out more, and to learn how CredZoo can help you clean up your credit report contact us for a FREE credit consultation: www.CredZoo.org or 888-881-5333

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