One in 5 Credit Reports Flawed
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Most people don’t check their credit scores, but millions of Americans’ credit reports contain mistakes that can affect their ability to qualify for a loan or make credit more expensive to obtain, according to a new government study released Monday.

One in five consumers, or about 40 million people, have an error on at least one of their credit reports from the three main credit rating bureaus. Errors could cause them to pay more for financial products such as auto loans, mortgages or insurance, according to a U.S. Federal Trade Commission study that examined nearly 3,000 credit reports.

One in five participants in the FTC’s study disputed an error and had it corrected, according to results. The FTC study, commissioned by Congress, also found one in 10 participants had errors in their credit history that when corrected, changed their credit scores.

The credit bureaus Experian, Equifax and TransUnion maintain information on about 200 million consumers, according to the federal agency.

The findings show consumers should regularly check their credit reports, FTC officials said.

Federal law entitles people to one free credit report from each of the three major agencies every 12 months. The federal agency suggests using to get a free report.

Credit reports are used to make decisions on credit worthiness f…………… continues on

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The Federal Trade Commission recently studied [PDF] the credit reports of 1,001 people and found that 21% of them contained “confirmed material error[s].” More than 5% of those errors negatively affected their credit score—that magic, secret number that determines how good of a debt specimen you are. Most of those who had errors had them corrected by Credit Reporting Agencies, which is good news, if you can actually get in touch with the people who arbitrarily determine whether you can rent a home, get a job, or for some sad souls, find love.

On Sunday,

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