How many people have inaccurate information on their credit file?
Here is a recent report done by The U.S. PIRG (public interest research group). This is a very good study showing how incorrect credit reports can be. It is amazing to me that these are the actual percentages that this study found.
How many people have inaccurate information on their credit file?
The U.S. PIRG Reports
- Twenty-nine percent (29%) of the credit reports contained serious errors, false delinquencies or accounts that did not belong to the consumer that could result in the denial of credit.
- Forty-one percent (41%) of the credit reports contained personal demographic identifying information that was misspelled, long-outdated, belonged to a stranger, or was otherwise incorrect.
- Twenty percent (20%) of the credit reports were missing major credit, loan, mortgage, or other consumer accounts that demonstrate the creditworthiness of the consumer.
- Twenty-six percent (26%) of the credit reports contained credit accounts that had been closed by the consumer but incorrectly remained listed as open.
- Altogether, 70% of the credit reports contained either serious errors or mistakes of some kind!
Of the consumers that did obtain their credit reports, at least 14% of them were forced to call back 3 or more times after receiving busy signals or had to write a letter in order to receive their report and 12% of the consumers waited two weeks or longer to receive their report once they finished requesting it. It took more than a month for one California man to receive his report. Overall, 15% of consumers who attempted to participate in the survey either made at least 3 phone calls and never got through or requested their reports but never received them!
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