1 in 4 Consumers Finds an Error in Credit Report

A recent study conducted by the Federal Trade Commission revealed that 1 in 4 consumers has an error on his or her credit report. Consumers are entitled to one free credit report from each of the major credit agencies annually. According to Komonews.com, the study also revealed that 5 percent of consumers found errors that increased their payments on financial products like mortgages and car loans. So far, the Consumer Financial Protection Bureau has not taken any public action against the credit agencies. Consumers who find errors in their credit report can file a complaint with the CFPB and the offending agencies will have 15 days to respond or resolve the discrepancies.

When was the last time you checked your credit report for errors?