Business
Some Credit Report Errors Never Get Fixed
This Jan. 15, 2014 file photo shows Federal Trade Commission (FTC) Chair Edith Ramirez speaking at the FTC in Washington. (AP Photo/Susan Walsh, File)
(CBS News) – Three years after issuing a report revealing that one in five consumers had a documented error on their credit reports, a follow-up study by the Federal Trade Commission found that almost 70 percent still believe that the information they disputed remains incorrect.
The FTC looked at the experiences of 121 consumers who had at least one unresolved credit report dispute in 2012. Only 37 of them said they accept the disputed information as now being correct.
The studies, requested by Congress, sought to determine the level of inaccuracies on credit reports.
Mistakes can be costly. The initial study determined that one in five consumers who found errors on their credit histories took a hit on their credit score that was significant enough to raise the interest rates they would qualify for.
