F.A.Q. s

What Will Negative Tradelines Cost The Borrower ?

Learn More

What can be removed?

Learn More

How often are credit reports wrong?

Learn More

Expiration of Negative Credit Information

Learn More

How often are credit reports wrong?

The credit reporting system has a longstanding problem with inaccuracies. U.S. PIRG has conducted numerous studies and each time it has found an alarming number of serious errors in consumer credit reports.
 
In their 2004 study, they asked adults in 30 states to order their credit reports and check the accuracy.
 
Altogether, 79% of the credit reports surveyed contained either serious errors or other mistakes of some kind.
 

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Fifty-four percent (54%) of the credit reports contained personal demographic information that was misspelled, long-outdated, belonged to a stranger, or was otherwise incorrect;  

Percentage of inaccuracies credit reports

 

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