How Common Are Credit Reporting Errors?
How common are credit reporting errors? Attorney Michael Ziegler explains that credit reporting errors are fairly common. The FTC has said that 21% of credit reports have errors and that of that 21% approximately 14% have errors that impact credit scores.
The Fair Credit Reporting Act is the federal law that gives consumers an opportunity to make sure that the information in their credit report is accurate. In addition, it allows for curing mechanisms when there are problems with a credit report.
There can be a variety of errors in credit reports. For example, sometimes debts are reported as being owed when they are not owed or there are misreports of delinquency dates. Sometimes the errors are more dramatic, such as total credit profile mix-ups. These mix-ups can occur when there are two people with similar credit data. In other cases, there can be mistakes and information on credit reports due to identity theft.
Contact attorney Michael Ziegler in Florida for a free case evaluation today. He founded his law firm on the principles of professional quality and personal care.
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