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Survey: Errors On Credit Reports Are Widespread – Banker and Tradesman

Nearly 90 percent of American consumers have found inaccurate or erroneous information on their credit report, according to a recent web survey by American Consumer Credit Counseling.

This survey comes in the wake of a recent announcement made by the Consumer Financial Protection Bureau that beginning this month it will supervise thirty of the country’s top credit bureaus

“With the frequency of reporting errors being so high, the CFPB program comes at a critical time for consumers,” said Steve Trumble, president and CEO of Newton-based American Consumer Credit Counseling. “It’s important for consumers to understand that a credit report can impact their ability to borrow, afford a home and even get an education. This survey indicates that consumers should not only be reviewing their credit report twice each year, but also should expect to find at least one reporting error.”

Of the more than 150 respondents 22 percent found errors in reporting of collections, charge-offs and late payments older than seven years while nearly 15 percent found inaccuracies in their personal identifying information such as name and address. The survey also found that 19 percent of respondents had incorrect account details, while 15 percent identified accounts and delinquencies on their report that were not even theirs. Only 13 percent reported not finding any errors on their credit report.

“Clearly, consumer reporting agencies have a drastic affect on nearly every American,” Trumble said. “In today’s economy, where creditors have even stricter requirements, it’s especially important for consumers to ensure that they’re report is accurate.”

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