In a report tonight, the FTC chairperson announced that tomorrow they will be issuing a scathing 8 year report on FCRA non-compliance by the CRAs. http://www.cbsnews.com/video/watch/?id=50140748n http://www.cbsnews.com/8301-18560_162-57567957/credit/ http://www.cbsnews.com/8301-504803_...e-one-thing-to-know-about-your-credit-report/
Excellent story. According to the FTC, "5% of credit reports contain serious errors", and the 60 Minutes special mentioned an error rate of 20% (!) ... Pretty staggering numbers and goes to show why forums like this one are absolutely crucial to helping consumers eliminate errors on their CR's. Thanks, Jam.
Here is another article. There Could Be Something Wrong With 42 Million Credit Reports Read more: 42 Million Have Credit Report Errors - Business Insider SCARY! Thanks! Heather with BoostMyScore.NET
In FTC Study, Five Percent of Consumers Had Errors on Their Credit Reports That Could Result in Less Favorable Terms for Loans
CBS News misread the intent of the 5% number. For 5% of the participants the score bump was enough to move them out of one risk group to the next. Which is one of the reasons it's good to read the entire 370 page report... Wonder if TU's attorneys would deficate if I incorporate the entire 370 page report into my answer to their answer. That could just mean that if someone was 1 point below the upper limit of their risk class a 1 point non-serious error could be serious enough to move them up to the next risk level; if someone is in the middle of their risk level, a 25 point serious error could be non-serious enough to move them up to the next risk level.
