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Errors abound in reports
About one in five consumers have errors in their credit reports, according to study findings presented to Congress by the Federal Trade Commission in December.
Of 1,001 study participants, 21 percent found at least one confirmed “material error” on their reports. After 572 credit reports were disputed, the bureaus modified 399 of them and 65 had a score change big enough to improve their creditworthiness.
At www.annualcreditreport.com you can get a free report from each of the three major bureaus yearly.
Dreon may not have to wait too much longer for her credit reports to be fixed. The bureaus have 30 days to complete their investigations and report back to consumers, according to Norm Magnuson, vice president of public affairs for the Consumer Data Industry Association.
If a bureau will not correct the error, unlikely in this case since Frontier has accepted the blame, Dreon could counteract the bad mark with a short statement attached to the credit report as long as the disputed item remains there.
As soon as her credit report clears up, Dreon plans to refinance.
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