Consumers need better way to fix credit reporting errors

By | Feb 20, 2013

Consumers need better way to fix credit reporting errors
News from Los Angeles Times:

About 10 million consumers, through no fault of their own, have serious errors on their credit reports, raising troubling questions about people’s ability to secure loans and the fairness of interest rates they’re charged.

In the first study of its kind, the Federal Trade Commission looked at credit reports for 1,001 consumers obtained from the three major credit bureaus — Experian, Equifax and TransUnion.

It found that about a quarter of consumers had at least one “potentially material” error in at least one of the three reports. Such errors included the number of credit-card or mortgage payments a consumer was believed to have missed or the number of loans that were sent to collection agencies.

“We’re talking about folks who could have gone into a better credit tier if these errors had been corrected,” Paul Pautler, deputy director of the FTC’s Bureau of Economics, told me.

These findings are outrageous enough. But they also highlight the shadowy nature of the credit reporting industry, a business with the power to make or break your creditworthiness without ever being required to obtain your permission to compile and sell files on your financial affairs.

And in the digital age, with thousands of corporate databases up for grabs, it’s become all too easy for…………… continues on Los Angeles Times

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