Credit Report Errors

One in four consumers found an error in a credit report issued by a major agency, according to a government study released Monday.

The Federal Trade Commission study also said that 5 percent of the consumers identified errors in their reports that could lead to them paying more for mortgages, auto loans or other financial products.

The study looked at reports for 1,001 consumers issued by the three major agencies — Equifax, Experian and TransUnion. The FTC hired researchers to help consumers identify potential errors.

The study closely matches the results of a yearlong investigation by The Columbus Dispatch. The Ohio newspaper’s report last year said that thousands of consumers were denied loans because of errors on their credit reports.

The Associated Press says 25 percent of consumers are finding errors on our credit reports, which is a lot of us! But I pull my credit report every year and have never found a problem, because it’s easy to do. I once had an identity thief open up an account in my name, and even though the bank closed the account, I always check the report to make sure it doesn’t appear on there. But it’s also good to know that if there is a problem, and the credit agencies aren’t doing anything to fix it that you can file a complaint with the CFPB.

Photo: Nick J. Webb

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