A recent survey by American Consumer Credit Counseling revealed that 90 percent of Americans have found inaccuracies on their credit reports.
The findings were revealed just after the Consumer Financial Protection Bureau announced that it would begin supervising thirty of America’s top credit reporting agencies, according to DailyMarkets.
“With the frequency of reporting errors being so high, the CFPB program comes at a critical time for consumers,” Steve Trumble, the president and CEO of ACCC, said, according to DailyMarkets. “It’s important for consumers to understand that a credit report can impact their ability to borrow, afford a home and even get an education. This survey indicates that consumers should not only be reviewing their credit report twice each year but also should expect to find at least one reporting error.”
The survey also found that 22 percent of U.S. consumers found errors in reporting of charge-offs, late payments older than seven years and collections, while 15 percent found errors in personal information like name and address. Nineteen percent of respondents in the survey reported incorrect account details, while 15 percent identified delinquent accounts that were not even theirs. Only 13 percent of respondents found no errors at all.
Consumer reporting agencies provide information to a number of credit issuers for products like auto loans, personal loans, home loans and credit cards.
“Clearly, consumer reporting agencies have a drastic effect on nearly every American,” Trumble said, DailyMarkets reports. “In today’s economy, where creditors have even stricter requirements, it’s especially important for consumers to ensure that their report is accurate.”