FTC Study: 1 of 5 Americans Have ‘Mistakes’ In Their Credit ReportsFebruary 12, 2013 10:20 am
Credit Report statistics are very critical in the US. In a country where your credit score number is extremely important, the number needs to be very accurate. However, we spotted a stat today that proves that the exact opposite it true – an FTC study found that 1 in 5 credit reports had ‘mistakes’ in them, and some of those mistakes could be very serious ones. There could be some very basic inaccuracies as well, warns the study (Source)
20 percent is a very high number, for a score that is so widely used for a variety of decisions across the country. Obviously, one or both of the following actions need to be taken: decisions taken based on credit score need to count in the fact that the underlying number is not very accurate, and in parallel. efforts should be underway to improve the accuracy of the score.
When done together, the quality of decisions based on an individual’s credit score would definitely go up.