There’s an article over at The LA Times that brings bad news for consumers. A recent study shows errors cost consumers money, and there were more errors found during the study than expected.
While the 26% error rate was high, not all of the errors resulted in changes in credit scores that would cost consumers money, the study said. Of the 2,968 credit reports studied — about three for each consumer — about 2.2% had errors that were likely to change their credit score enough to cause them to pay higher rates for loans and other products.
- In FTC Study, Five Percent of Consumers Had Errors on Their Credit Reports That Could Result in Less Favorable Terms for Loans (ftc.gov)
- 20 million credit reports have ‘significant’ errors, FTC finds (fox4kc.com)
- Millions May Be Affected by Credit Report Errors (bucks.blogs.nytimes.com)
- Millions of credit reports have errors (wyff4.com)