E Transcon

Main Menu

  • Unsecured Personal Loans
  • Fixed Rate Loans
  • Variable Rate Loans
  • Debt Consolidation Loans
  • Capital

E Transcon

Header Banner

E Transcon

  • Unsecured Personal Loans
  • Fixed Rate Loans
  • Variable Rate Loans
  • Debt Consolidation Loans
  • Capital
Unsecured Personal Loans
Home›Unsecured Personal Loans›34% of credit reports have errors, survey results

34% of credit reports have errors, survey results

By Mary M. Cox
June 16, 2021
0
0



Ljupco Smokovski / Shutterstock.com

Experts have long recommended that consumers regularly check their credit reports for errors. Now, the results of a new survey might add some urgency to this call.

When Consumer Reports asked nearly 6,000 people to participate in its credit check project, 34% said they found at least one error in their credit reports.

CR says 29% of consumers discovered mistakes in their personal information, such as a wrong name or address.

11% of respondents experienced errors in their account information. The most common mistake was an account that the participant did not recognize.

In addition, 10% of respondents said that accessing their credit reports was “difficult” or “very difficult”. A number of people were unable to access their reports due to identity verification questions they couldn’t answer.

In some cases, respondents faced difficulties that indicated potential violations of federal law or other regulations. For example, some respondents in the survey said that credit bureaus billed them for access to their credit reports.

Typically, all Americans are entitled to a free credit report annually from any of the three major credit bureaus – Equifax, Experian, and TransUnion. However, as we reported, consumers now have the right to access their reports free of charge on a weekly basis until April 2022.

Other respondents said they unknowingly signed up for paid services. And among consumers who said they had accounts under reserve, 15% said one or more of those accounts were not reported as “up-to-date,” as required by the federal Coronavirus Aid, Relief and Economic Security (CARES) Act 2020 is required.

After consumers heard of their problems, Consumer Reports contacted each of the three major credit bureaus asking them to ensure that the credit reports were accurate. They also asked her to help consumers get free credit reports and ratings anytime.

CR has also presented a petition that consumers can sign making the same demands.

Syed Ejaz, Policy Analyst for Consumer Reports, said in a press release:

“It is time to hold credit reporting agencies accountable for ensuring that credit reports are fair and accurate, and give consumers free access to their reports and ratings at all times. Nobody should ever have to pay to access their own credit information. “

Failure to make credit reports can lower your credit score, which can have serious consequences, ranging from higher loan rates to disability in finding a job or looking for a home.

Because of this, it is important to find credit reporting errors so that you can inform credit reporting agencies about them.

However, to get your free credit report, visit annualcreditreport.com, the only federally approved credit reporting website. We break down the process into “How to Get Your Free Credit Report in 6 Easy Steps”.

Although credit reports should be free to access, unless you know where to look, you’ll still have to pay to see your credit history. For more information, see 7 Ways To Get Your FICO Credit Score For Free.

Disclosure: The information you read here is always objective. However, sometimes we get compensation when you click on links in our stories.

Like article



Related posts:

  1. NBFC records new growth with increase in gold and diamond lending, in conversation with Mr. Meghraj Jain, Managing Director of Mangal Credit and Fincorp Ltd
  2. Gold sets to rise as stress hits households – The New Indian Express
  3. Update: The Growing Wave of PPP Loan Prosecutions | Arnall Golden Gregory LLP
  4. Consolidating High Interest Debt Could Save You Money – Here’s How

Recent Posts

  • Large lenders cut fixed rates despite Reserve Bank of Australia rate hikes
  • Student loan refinancing rates are falling for 5-year adjustable rate loans
  • Are Federal Student Loans Even “Loans”? From leniency to forgiveness to taxpayer spending. Fairer: allow bankruptcy
  • No mortgage? Therefore, you should still watch out for rate hikes
  • China has lent Pakistan $21.9 billion in short-term loans since 2018: report | world news

Archives

  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • October 2020

Categories

  • Capital
  • Debt Consolidation Loans
  • Fixed Rate Loans
  • Unsecured Personal Loans
  • Variable Rate Loans
  • Terms and Conditions
  • Privacy Policy