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Errors in Credit Reports;   Article - May 28, 2005

One in four credit reports contains errors serious enough to cause consumers to be denied credit, a loan, an apartment or home loan or even a job – this is finding as reported in a new survey released by US PIRG in June 2004.

 Quote (from the report)

We asked adults in 30 states to order their credit reports and complete a survey on the reports’ accuracy. Key findings include:

- Twenty-five percent (25%) of the credit reports surveyed contained serious errors that could result in the denial of credit, such as false delinquencies or accounts that did not belong to the consumer;

- Fifty-four percent (54%) of the credit reports contained personal demographic information that was misspelled, long-outdated, belonged to a stranger, or was otherwise incorrect;

- Twenty-two percent (22%) of the credit reports listed the same mortgage or loan twice;

- Almost eight percent (8%) of the credit reports were missing major credit, loan, mortgage, or other consumer accounts that demonstrate the creditworthiness of the consumer;

- Thirty percent (30%) of the credit reports contained credit accounts that had been closed by the consumer but remained listed as open;

- Altogether, 79% of the credit reports surveyed contained either serious errors or other mistakes of some kind.

Details can be found in the PIRG report: Mistakes Do Happen: A Look at Errors in Consumer Credit Reports - June 2004 -National Association of State PIRGs

Unquote

 It is imperative that mistakes in credit reports must be fixed sooner than later. Various articles in this subject are given in this website. Please visit these pages and learn more on how to fix errors and get the credit report you deserve.

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