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Released: October 26, 2012

Credit report errors often a nightmare to fix

Source: Kelly Dilworth, creditcards.com (MSNBC)

A federal law is supposed to guarantee that credit report errors get fixed. So why do some people wind up spending months or even years trying to remove legitimate errors that are ruining their credit? Take the case of Rahul Sharma of College Station, Texas. With the Fair Credit Reporting Act in place, it should not have taken Sharma six years and a meeting with a lawyer to get errors ranging from bad Social Security numbers to accounts that weren't his erased from his credit report. But despite the decades-old consumer protection law, which guarantees consumers the right to get legitimate errors off their reports, Sharma fell through the cracks of the credit reporting system. "The dispute process has absolutely no value whatsoever for consumers," said Leonard Bennett, a consumer lawyer in Newport News, Va., who has repeatedly testified before Congress about the credit report dispute system.

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