FTC to Study Credit Report Errors
Posted on January 16th, 2011
The FTC issued another report to Congress last week detailing progress made regarding a forthcoming study of credit report errors.
The study will involve roughly 1,000 randomly selected consumers throughout the nation.
Each will be paired with a so-called expert, who will review their credit reports with all 3 major credit bureaus to help identify potential errors.
Participants will be encouraged to dispute any errors on their credit reports that could affect their credit standing, and those with errors will be sent to Fico (formerly Fair Isaac) for rescoring.
The study aims to determine the proportion of consumers with one or more material errors on their credit reports.
It will measure their frequency and impact on a consumer’s credit score.
Errors will be categorized by type and severity in terms of credit harm and if deemed appropriate, the report may also include recommendations for legislative or administrative action.
Of course, it’s not due until December 2012, so until then you’re on your own.
My guess is that the most common and devastating type of credit report error will be medical collections.
Medical collections seem to be very common and detrimental, leaving even the most creditworthy consumer with a bad credit score.
If you think you’ve got an error on your credit report, it’s simple to execute a credit report dispute online, so don’t hesitate.
They take time, so be sure to act early if anything seems awry.
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Tags: Credit Report, Credit Report Errors, Errors, Report Errors
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