Likelihood of Errors On A Credit Report
A large portion of consumer credit reports contain errors. A study released by the U.S. Public Interest Research Group in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake. However, the General Accountability Office released a study disputing US PIRG numbers. The Federal Reserve Board issued a similar study noting that "the proportion of individuals affected by any single type of data problem appears to be small." In 2007, the Consumer Data Industry Association which represents the credit bureaus testified that less than two percent of 52 million credit reports had data deleted because it was in error. The accuracy of credit report data was also mentioned in written testimony by Allstate Insurance before the Michigan insurance department in 2002. By law, consumers can invoke their rights under the FCRA to review and correct their credit reports.
The Fair and Accurate Credit Transactions Act ("FACTA") of 2003 has allowed easier access to consumers wishing to view their reports and dispute items.
Read more about this topic: Fair Credit Reporting Act
Famous quotes containing the words likelihood of, likelihood, errors, credit and/or report:
“Sustained unemployment not only denies parents the opportunity to meet the food, clothing, and shelter needs of their children but also denies them the sense of adequacy, belonging, and worth which being able to do so provides. This increases the likelihood of family problems and decreases the chances of many children to be adequately prepared for school.”
—James P. Comer (20th century)
“What likelihood is there of corrupting a man who has no ambition?”
—Samuel Richardson (1689–1761)
“Repent, repent, and from old errors turn!’
Who listened to his voice, obeyed his cry?
Only the echoes, which he made relent,
Rung from their marble caves ‘Repent! Repent!’”
—William Drummond, of Hawthornden (1585–1649)
“To act the part of a true friend requires more conscientious feeling than to fill with credit and complacency any other station or capacity in social life.”
—Sarah Ellis (1812–1872)
“In clear weather the laziest may look across the Bay as far as Plymouth at a glance, or over the Atlantic as far as human vision reaches, merely raising his eyelids; or if he is too lazy to look after all, he can hardly help hearing the ceaseless dash and roar of the breakers. The restless ocean may at any moment cast up a whale or a wrecked vessel at your feet. All the reporters in the world, the most rapid stenographers, could not report the news it brings.”
—Henry David Thoreau (1817–1862)