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Released: February 19, 2013
Consumers need better way to fix credit reporting errors
Source: David Lazarus, L.A.Times (Free Registration)
About 10 million consumers, through no fault of their own, have serious errors on their credit reports, raising troubling questions about people's ability to secure loans and the fairness of interest rates they're charged.
In the first study of its kind, the Federal Trade Commission looked at credit reports for 1,001 consumers obtained from the three major credit bureaus — Experian, Equifax and TransUnion.
It found that about a quarter of consumers had at least one "potentially material" error in at least one of the three reports. Such errors included the number of credit-card or mortgage payments a consumer was believed to have missed or the number of loans that were sent to collection agencies.
Read Full Article: Consumers need better way to fix credit reporting errors
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