Report: One in five consumers has error on their credit reports
February 15, 2013
report has found that one in five consumers – an estimated 40 million Americans – had an error on at least one of their three major credit reports. Additionally, five percent of consumers had significant errors on one of their credit reports that could affect their requests for auto loans and insurance. In the study, 1,001 consumers reviewed 2,968 credit reports. The main findings were:
- Confirmed error rates at the consumer level range from 10% to 21%, depending on the definition of confirmed error
- 25% of consumers identified errors on their credit reports that might affect their credit scores
- 20% of consumers had an error that was corrected by a credit reporting agency (CRA) after it was disputed
- Of 572 disputed reports, 363 reports (63%) would experience a change in score
- 5% of consumers had a maximum score change of more than 25 points and only one in 250 consumers had a maximum score change of more than 100 points
You May Also Like
Check out these additional posts from Mind Your Business.
Significance of PBSA Accreditation in Screening
In today’s rapidly evolving business landscape, informed hiring choices are paramount. Opting for a background screening firm that upholds rigorous standards of professionalism and integrity, exemplified by PBSA accreditation, is indispensable amid a plethora of options. What is PBSA Accreditation? PBSA, the governing body setting industry benchmarks for background screening firms, grants accreditation following a…
Read More Why Are Continuous Background Checks in Employee Management Important?
Employee management is a difficult and stressful task for many businesses. But there’s a great tool that keeps workplaces safe, trustworthy, and compliant – ongoing background checks. Let’s take a look at what makes them so helpful, how they work in real life, and why they’re so important for maintaining a secure work environment. What…
Read More 
Choosing the Right Background Check Provider for Continuous Background Checks
With continuous background checks, the importance of selecting the right provider cannot be overstated. The decision to integrate continuous monitoring into an organization’s processes comes with the responsibility of choosing a background check provider that aligns seamlessly with the unique needs and values of the organization. Let’s explore the key considerations in selecting the ideal…
Read More Quality and Precise Results, On Time!
Let us know about your screening needs to get a custom quote. We work with businesses big and small as well as the government. Which means we have a package of solutions for your organization as well.