Incorrect Credit Score
The Federal Trade Commission released a report today (focused on credit report errors at the three large credit reporting agencies (Experian, Equifax, and Transunion) and found significant mistakes, with one in ten consumers reporting a change in their credit score AFTER they contacted the agency to dispute inaccurate information.
Regular readers of our blog may recall that the Consumer Financial Protection Bureau also released a report (Analysis of Differences between Consumer- and Creditor-Purchased Credit Scores) with a similar focus in September 2012, which found that one in five consumers would see a different score than their lenders. See our blog on the topic here: “1 in 5 consumers receive a different credit score than their lender”
In the most recent report by the Federal Trade Commission, (Report to Congress
Under Section 319 of the Fair and Accurate Credit Transactions Act of 2003) the researchers found:
25% of consumers identified errors on their credit reports, potentially affecting their credit scores;
20% of consumers had their errors corrected by at least one of the agencies after the consumer disputed it;
About 1 out of 20 consumers saw their credit score change more than 25 points, while 1 in 250 customers saw a credit score change of more than 100 points.
We’re glad to see that the Consumer Financial Protection Bureau is now overseeing credit reporting agencies. The consumers who were interviewed last night on 60 Minutes (40 Million Mistakes: Is your credit report accurate?) had some pretty harrowing tales about trying to correct their credit reports, with some choosing to hire attorneys because the process was so slow/unsuccessful when they attempted to contact the credit reporting agencies.
You may find our previous blog postings helpful: Read More or http://foreclosurehelpscc.wordpress.com/tag/equifax/
Regular readers of our blog may recall that the Consumer Financial Protection Bureau also released a report (Analysis of Differences between Consumer- and Creditor-Purchased Credit Scores) with a similar focus in September 2012, which found that one in five consumers would see a different score than their lenders. See our blog on the topic here: “1 in 5 consumers receive a different credit score than their lender”
In the most recent report by the Federal Trade Commission, (Report to Congress
Under Section 319 of the Fair and Accurate Credit Transactions Act of 2003) the researchers found:
25% of consumers identified errors on their credit reports, potentially affecting their credit scores;
20% of consumers had their errors corrected by at least one of the agencies after the consumer disputed it;
About 1 out of 20 consumers saw their credit score change more than 25 points, while 1 in 250 customers saw a credit score change of more than 100 points.
We’re glad to see that the Consumer Financial Protection Bureau is now overseeing credit reporting agencies. The consumers who were interviewed last night on 60 Minutes (40 Million Mistakes: Is your credit report accurate?) had some pretty harrowing tales about trying to correct their credit reports, with some choosing to hire attorneys because the process was so slow/unsuccessful when they attempted to contact the credit reporting agencies.
You may find our previous blog postings helpful: Read More or http://foreclosurehelpscc.wordpress.com/tag/equifax/
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