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Up to 40 Million Consumers Have Errors in Their Credit Reports

Hugh Pickens writes (1984118) writes | about a year and a half ago

The Almighty Buck 1

Hugh Pickens writes writes "The Star Tribune reports that the Federal Trade Commission has found that up to 21 percent of the 200 million people on file with the country’s major credit reporting bureaus have verified errors in their credit reports and five percent have bloopers serious enough to not just change their credit score but also change their class of credit risk, potentially making loans more expensive or even cutting off credit access altogether. The study was based on a representative sample of 1,001 consumers who reviewed nearly 3,000 credit reports, or about three reports per person, along with a study associate. All the credit reports with alleged material errors were sent to an analyst at Fair Isaac Corp. for an initial rescoring. Ed Mierzwinski at the U.S. Public Interest Research Group says the level of mistakes found by the FTC is significantly higher than the 0.5 percent error rate found in a May 2011 industry-funded study on credit-report accuracy. “We’ve criticized the credit reporting industry for decades over unacceptable levels of seriously damaging mistakes, many of which are entirely preventable,” says Mierzwinski. But Gerry Tschopp, a spokesman for Experian says the report confirms that credit reports are predominately accurate and serving lenders and consumers well. “We take all errors seriously, and invest millions of dollars every year in ways to maintain the integrity of our data by updating our systems to keep data as fresh and accurate as possible.""

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All of your credit data is in foreign countries (1)

schwit1 (797399) | about a year and a half ago | (#42868511)

Steve Kroft interviewed 3 former employees from Experian in Chile. The 3 had the same job of evaluating credit report disputes from consumers. They all said the same thing. No matter how much documentation and proof that a consumer had on the inaccuracy of the credit data, Experian would take the lenders word 100% of the time over the consumer. []

I don't think anything will change unless the big 3 threatened with billions in fines or the CEOs get jail time.

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