FTC Study on Credit Report Errors

by: Michael Creditfirm.

A recent study performed by the FTC (Federal Trade Commission) found that 1 in 4 consumers had an error in their credit reports. This study looked at credit reports provided by the 3 major credit reporting agencies, Experian, Equifax, and TransUnion issued to 1,001 participants.

Unfortunately, only 20% of consumers were able to fix the errors reporting on their credit reports, meaning that 80% of consumers failed to repair their own credit.

Of those 20% of consumers who were able to fix their credit reports;

• 10% of consumers saw a slight change to their credit scores.
• 5% of consumers saw a change of more than 25 points to their credit scores.
• 0.4% of consumers saw a change of more than 100 points to their credit scores.

Howard Shelanski, Director of the FTC’s Bureau of Economics, said, “These are eye-opening numbers for American consumers. 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.”

“Your credit report has information about your finances and your bill-paying history, so it’s important to make sure it’s accurate,” said Charles Harwood, Acting Director of the FTC’s Bureau of Consumer Protection.

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