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Keep a close eye on credit reports: Nearly 80 percent have some sort of error, a survey finds
Richmond (VA) Times-Dispatch ^ | June 18, 2004 | The Associated Press

Posted on 06/18/2004 5:36:53 AM PDT by The Other Harry

Edited on 07/20/2004 11:52:12 AM PDT by Jim Robinson. [history]

WASHINGTON - One in four credit reports has errors serious enough to disqualify consumers from buying a home, opening a bank account or getting a job.

And an overwhelming majority contain mistakes of some kind, according to a consumer group survey released yesterday.


(Excerpt) Read more at timesdispatch.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: credit

1 posted on 06/18/2004 5:36:55 AM PDT by The Other Harry
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To: The Other Harry

I personally don't have a whole lot of faith in PIRG. They're a bunch of nuts.


2 posted on 06/18/2004 6:58:47 AM PDT by b4its2late (I saw a woman wearing a sweat shirt with "Guess" on it. So I said "Implants?" She hit me.)
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To: The Other Harry
Our son had a department store credit card account on his credit report that was opened a year before he was born. My wife had a supposedly delinquent college loan on her report that had been paid off for more than 10 years and it took hours of phone calls and several letters to get it corrected.

There is also no consistency in the reporting between the three major credit reporting agencies. We recently got our credit reports from all three and compared them side by side and it would almost appear that they were reporting on different people. Their were accounts that appeared on one but not the other two, accounts listed as paid or in good standing one two, but as part of a bankruptcy on the other. Again expect to spend tens of hours on the phone and writing letters to get even small problems resolved.

3 posted on 06/18/2004 7:00:57 AM PDT by The Great RJ
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To: The Other Harry

One in four credit reports has errors serious enough to disqualify consumers from buying a home, opening a bank account or getting a job.


Should be grounds for a lawsuit, they are tampering with peoples lives and reputations....ie Slander, false information, incomplete information. The credit bureaus have far to much power to be so inept.


4 posted on 06/18/2004 7:05:34 AM PDT by BriarBey
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To: The Other Harry

Reviewed a credit report 6/8/04,Credit Score 641 Trans Union. Ordered same credit report 6/14/04, Credit Score 520.

The client was requesting a pre-approval for a mortgage. On
6/4/04 approval was a loan to value of 100%+, however, on 6/14/04 approval was lowered to 80% with a higher interest rate.

This client was shopping for a mortgage and made three (3) phone calls to loan companies advertising on television; 38 credit inquiries in 3 days...

Another client refinanced mortgage in 4/2003, score 581. He paid off 11 past due acounts with new mortgage. Paid 12 new mortgage payments as agreed, credit score 4/2004 511.

This/these credit scoring system is/are not the answer...


5 posted on 06/18/2004 7:06:10 AM PDT by xdemoncrap
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To: b4its2late; The Great RJ

I have read other articles that suggest regular checking of one's credit report as an added precaution against identity theft... you may find someone using your credit before it gets out of hand. Persons who are separated or divorced may also want to ensure that former spouse(s) aren't continuing to use credit information, or that ex-spouse information doesn't continue to appear on their report. Sometimes a spouse or former spouse forgets that he or she was listed as a co-borrower on an account (especially if they never had a card for it... you can be a co-signer on an account even without a card). I have often read that credit reports are rife with errors... I think a lot of people, myself included, are experiencing that firsthand.


6 posted on 06/18/2004 7:07:08 AM PDT by GraceCoolidge
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