Los Angeles Times
Monday, February 11, 2013
WASHINGTON — About one in every 20 consumers has significant errors on his or her credit reports that could cause that person to pay more for auto loans and other financial products, according to a Federal Trade Commission report released Monday.
The study also found that about 26 percent of the approximately 200 million people covered by the U.S. credit reporting industry have at least one "potentially material error" on one of their three credit reports.
And four out of five people who took steps to fix errors with one of the three major credit reporting companies — Experian Information Solutions, Equifax and TransUnion — got their credit report changed.
The findings show that consumers need to closely monitor their credit reports, the agency said.
"These are eye-opening numbers for American consumers," said Howard Shelanski, director of the agency's economics bureau.
"Your credit report ...
