Source: Jim Puzzanghera, L.A.Times ( Free Registration )

About one in 20 consumers had significant errors on their credit reports that could cause them to pay more for auto loans and other financial products, according to a Federal Trade Commission report released Monday.

The study also found that about 26% of the approximately 200 million people covered by the U.S. credit reporting industry had at least one "potentially material error" on one of their three credit reports.

Read Full Article: FTC says 5% of consumers had significant errors on credit reports