Credit Report Errors, According to American Consumer Credit Counseling Survey
ACCC surveys of budget-conscious Americans finds that 87 percent of consumers have experienced some form of error on their credit report potentially hurting their ability to borrow
(Boston, MA) – September 5, 2012 — Nearly 90 percent of American consumers have found inaccurate or erroneous information on their credit report, according to a recent web survey by American Consumer Credit Counseling. Of the more than 150 respondents 22 percent found errors in reporting of collections, charge offs and late payments older than seven years while nearly 15 percent found inaccuracies in their personal identifying information such as name and address. This survey comes in the wake of a recent announcement made by the Consumer Financial Protection Bureau that beginning this month it will supervise thirty of the country’s top credit bureaus
“With the frequency of reporting errors being so high, the CFPB program comes at a critical time for consumers,” said Steve Trumble, president and CEO of Newton-based American Consumer Credit Counseling. “It’s important for consumers to understand that a credit report can impact their ability to borrow, afford a home and even get an education. This survey indicates that consumers should not only be reviewing their credit report twice each year, but also should expect to find at least one reporting error.”
However, collections, charge offs and late payments are not the only errors that consumers are finding. The survey, also found that 19 percent of respondents had incorrect account details, while 15 percent identified accounts and delinquencies on their report that were not even theirs. Only 13 percent reported not finding any errors on their credit report.
Of the 113 million credit card and retail card accounts, auto loans, personal loans, mortgages, and home equity loans originated in the U.S. in 2011, the vast majority were approved and priced using information provided by consumer reporting agencies.”
“Clearly, consumer reporting agencies have a drastic affect on nearly every American,” Trumble said. “In today’s economy, where creditors have even stricter requirements, it’s especially important for consumers to ensure that they’re report is accurate.”
For more than twenty-years American Consumer Credit Counseling has been working with consumers to educate them on how to obtain and read a credit report, as well as what common errors they should be aware of.
The credit reporting error poll was the latest in a series of ACCC web surveys for 2012 that focus on a variety of financial education, budgeting and planning topics. American Consumer Credit Counseling’s certified and experienced counselors offer a variety of financial education, counseling and debt management services to help consumers achieve long-term financial health and stability.
ACCC is a 501(c)3 organization, that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
For credit counseling, call 800-769-3571
For bankruptcy counseling. call 866-826-6924
For housing counseling, call 866-826-7180
For more information on financial education workshops in New England, call 800-769-3571 x1980
Or visit us online at ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a non-profit 501(c)(3) organization dedicated to empowering consumers to achieve financial health through education, counseling, and debt management. ACCC provides individuals with practical solutions for solving financial problems and recognizes that consumers’ financial difficulties are often not the result of poor spending habits, but more frequently from extenuating circumstances beyond their control. As one of the nation’s leading providers of financial education and credit counseling services, ACCC works with consumers to help them with the best plan of action to reduce their debt and regain financial stability. ACCC is accredited by the Better Business Bureau and holds an A+ rating. It is also a member of the Association of Independent Consumer Credit Counseling Agencies. For more information or to access free financial education resources log on to ConsumerCredit.com or visit TalkingCentsBlog.com.