Likelihood of Errors On A Credit Report
A large portion of consumer credit reports contain errors. A study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake. However, the General Accountability Office released a study disputing US PIRG numbers. The Federal Reserve Board issued a similar study noting that "the proportion of individuals affected by any single type of data problem appears to be small." In 2007, the Consumer Data Industry Association which represents the credit bureaus testified that less than two percent of 52 million credit reports had data deleted because it was in error. The accuracy of credit report data was also mentioned in written testimony by Allstate Insurance before the Michigan insurance department in 2002. By law, consumers can invoke their rights under the FCRA to review and correct their credit reports.
The Fair and Accurate Credit Transactions Act ("FACTA") of 2003 has allowed easier access to consumers wishing to view their reports and dispute items.
Read more about this topic: Fair Credit Reporting Act
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