A Serious Isssue
Credit reporting errors can have a major impact on your financial well being. But did you know how prevalent these errors are? Credit repair expert Jim Kemish discusses the severity of reporting errors and the potential impact on your life.
Credit Report Errors Mean Consumers Lose
In 1998 the Federation of State Public Interest Research Groups (PIRGs) published a now famous report called, Mistakes Do Happen: Credit Report Errors Mean Consumers Lose. This report detailed the results of the PIRGs sixth study on the accuracy of credit reports. The results, in their words, were troubling, and revealed that an alarming number of credit reports contain serious errors. Here are some of the highpoints (or low points) of their study findings.
Serious Errors can Have High Costs
Seventy percent of all of the credit reports investigated contained errors. The errors uncovered by the study were broken down into categories based on the severity of the errors. The worst of the errors occurred in twenty nine percent of the credit reports and were likely to result in the outright denial of credit. This type of error included accounts that are incorrectly marked as delinquent, accounts that do not belong to the consumer, and derogatory […]

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