The Federal Trade Commission has released its study on the accuracy of consumer credit reports and the question that begs to be answered: Is the cup half full or half empty? According to the FTC, 5 percent of all reports have inaccuracies. According to the credit industry, 95 percent of all reports are correct.
Consumer groups responding to the study said it indicates a need for reform of the credit reporting industry.
“It’s unconscionable that 40 million American have errors in their credit reports, and that 10 million have errors grave enough to cause them to be denied or charged more for credit or insurance or even be denied a job,” said Chi Chi Wu, staff attorney at the National Consumer Law Center.
Lesson learned is to keep an eye on your credit report and be willing (and aggressive) in addressing the problems!
Leave a Reply