34% of credit reports have errors, survey results
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.
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