Credit Report Inaccuracies

Inaccuracies on credit reports cost consumers thousands of dollars every year. Approximately 80% of Americans have got inaccuracies on their credit reports. What causes these inaccuracies? How make they impact your ability to purchase with credit or obtain a job? What can you make about these inaccurate items?

A recent study by the U.S. Populace Interest Research Group, for example, establish that four out of every five credit reports contained errors, and one in four “contained errors serious adequate to ensue in the denial of credit or denial of an employment application.”

Among the major credit report truth determinations of the survey:

Twenty-nine percent (29%) of the credit reports contained serious mistakes - false delinquencies or accounts that did not belong to the consumer - that could ensue in the denial of credit;

Forty-one percent (41%) of the credit reports contained personal demographic identifying information that was misspelled, long-outdated, belonged to a stranger, or was otherwise incorrect;

Twenty percent (20%) of the credit reports were missing major credit, loan, mortgage, or other consumer accounts that demonstrate the creditworthiness of the consumer;

Twenty-six percent (26%) of the credit reports contained credit accounts that had been closed by the consumer but incorrectly remained listed as open;

Altogether, 70% of the credit reports contained either serious mistakes or other mistakes of some kind. Among the survey's major access to credit report findings:

Of the consumers that did obtain their credit reports, at least 14% of them were forced to name back 3 or more than modern times after receiving busy signalings or had to compose a missive in order to have their report; and 12% of the consumers waited two hebdomads or longer to have their report once they finished requesting it. It took more than than a calendar month for one California adult male to have his report.

Overall, 15% of consumers who attempted to take part in the survey either made at least 3 phone phone calls and never got through or requested their reports but never received them.

According to a study by the Consumer Federation of America and the National Credit Reporting Association four percent of the cases showed that consumers had a border of at least 100 points between the three credit agency scores. The causes of these mistakes are many: typographical, merging of consumer information by creditors, similar name calling or abodes of consumers, or uncomplete information provided by lenders.