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
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