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Credit Restoration – Study Proves High Error Rate On Credit Report
I have long known that over 70% of credit reports contain significant errors. Here is an article that presents the study and its findings proving me to have been correct. U.S.PIRG.
Please allow me to summarize the findings. The big three credit reporting agencies, collect and report information on 90% of all american adults. They are Equifax, Experian and Trans Union. Those files are often sold to landlords, lenders, employers, credit grantors and collectors often without your permission.
Their have been several studies which prove that their is a high error rate in the data contained in your credit report. Enough errors to cause you to be declined for credit, a job, or a loan, or pay a higher rate than you ordinarily would have.
The study cited in this article asked adults in 30 states to complete a survey on their reports accuracy.
Here are the survey results as reported in the article:
- Twenty-five percent (25%) of the credit reports surveyed contained serious errors that could result in the denial of credit, such as false delinquencies or accounts that did not belong to the consumer;
- Fifty-four percent (54%) of the credit reports contained personal demographic information that was misspelled, long-outdated, belonged to a stranger, or was otherwise incorrect;
- Twenty-two percent (22%) of the credit reports listed the same mortgage or loan twice;
- Almost eight percent (8%) of the credit reports were missing major credit, loan, mortgage, or other consumer accounts that demonstrate the creditworthiness of the consumer;
- Thirty percent (30%) of the credit reports contained credit accounts that had been closed by the consumer but remained listed as open;
- Altogether, 79% of the credit reports surveyed contained either serious errors or other mistakes of some kind.
OK, so the next time someone tells you that credit restoration companies are a scam send them a copy of this article, and tell them to think again.
There is always so much negative misleading propaganda put out in the general media about credit counseling, especially for profits and credit restoration companies that it is high time someone challenged them to prove their claims. The fact is, unless a company is just fraudulent from the get go, they cannot prove their negative talk. It is the banks and non-profits who are controlled by the banks, coupled with the credit reporting, or should I say debt reporting companies that have a sweet deal going enslaving consumers with this brainwashing fixation on credit report scores and borrowing.
If you find an error on your credit report and need help or even free advice on how to remove it, by all means contact us by visiting: FREE CREDIT COUNSELING.
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