Consumer Reports study reports errors in a third of the credit reports examined by participating consumers

by Jeff Sovern

The report, by Syed Ejaz, is titled A Broken System: How The Credit Reporting System Fails Consumers And What To Do About It. Here are excerpts from the Executive Summary:

Consumers are finding errors on their credit reports. More than one-third (34 percent) of consumers who participated in CR’s Credit Checkup survey reported that they found at least one error on their report, with 29 percent saying that they found errors in personal information and 11 percent finding account information errors.

Consumers, through no fault of their own, are struggling to access their credit reports. One in 10 consumers who completed the survey found accessing their credit reports to be “difficult” or “very difficult.” Many consumers gave accounts of being locked out of their credit reports because of identity verification questions that they could not answer.

I've been wondering if supervision by the CFPB and the settlement between the credit bureaus and the Attorneys General have fixed credit reports. I guess we have the answer.

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