FTC Says 26 Percent of Credit Reports Have Errors - Dollar Stretcher Guest Bloggers
Welcome to Dollar Stretcher Community Sign in | Join | Help
in Search

Dollar Stretcher Guest Bloggers

Dedicated to bringing you some of the best information to help you survive tough economic times

FTC Says 26 Percent of Credit Reports Have Errors

by Bill Hardekopf

A report released by the Federal Trade Commission underscores the need for Americans to check their credit reports on a regular basis.

The FTC study found that 26 percent of consumers had a material error on at least one of their three credit reports. Of greater alarm was the fact that 5 percent of the consumers in the study had an error that, when corrected, placed them in a different credit risk tier and could result in paying a lower interest rate on their loans.

This was an eight-year study by the FTC which involved 1,001 consumers and reviewed 2,968 credit reports.

"These are eye-opening numbers for American consumers," said Howard Shelanski, director of the FTC's Bureau of Economics. "The results of this first-of-its-kind study make it clear that consumers should check their credit reports regularly. If they don't, they are potentially putting their pocketbooks at risk."

The report showed that consumers can get these errors reversed: four in five who filed disputes saw a change in their credit report.

Consumers can receive one free credit report from each of the three credit reporting agencies (Experian, TransUnion and Equifax) every year at AnnualCreditReport.com.

But a recent study by the Consumer Financial Protection Bureau found that only less than 20 percent of consumers check their credit report each year.

Bill Hardekopf is CEO of LowCards.com, a site that simplifies the confusion of shopping for credit cards. It is a free, independent website that helps consumers easily compare credit cards in a variety of categories such as lowest rates, rewards, rebates, balance transfers and lowest introductory rates. It also gives an unbiased ranking and review for each card.

Comments

No Comments

Leave a Comment:

You must be logged in to leave a comment. Log in here.

If you do not have a log in, please register here. It's easy and quick. All that is required is your email address and a sign-in name and password that you create. Your email address is kept private.

The Dollar Stretcher has a new community! Click here to check it out and create your new account.



Share this Post

This Blog

Syndication

About Us    Privacy Policy    Writers' Guidelines     Sponsorship     Media    Contact Us



Powered by Community Server (Commercial Edition), by Telligent Systems