The blizzard-like conditions on Sunday allowed us an excuse to relax on the couch and peruse local content on TV. In between nature specials and crime thrillers, we landed on CBS just in time for the 60 Minutes segment about the consumer credit reporting industry called, “40 Million Mistakes.” The story revolved around Judy Thomas, who spent six years battling with Equifax and TransUnion, two of the three largest consumer credit reporting companies, to correct mistakes made on her credit report. Eventually, she brought her case to federal court and sued them for an undisclosed sum.
For the past 8 years, the Federal Trade Commission has worked on a study released yesterday that revealed about 40 million Americans have errors on their credit reports. Unfortunately, these mistakes may go unnoticed until they’re applying for a credit card or loan only to be declined, or they’re not eligible for a lower interest rate. Alarmed, they view a copy of their credit report and find the costly mistakes.
Fixing errors on your credit report involves filing a dispute with consumer credit reporting companies and providing evidence supporting your dispute. The Fair Credit Reporting Act holds the companies responsible for performing a reasonable investigation, but according to Mike DeWine, Ohio Attorney General, “They’re not doing a reasonable investigation. They’re not doing an investigation at all.” DeWine has recently opened his own investigation into the credit reporting industry.
If you're a victim of a credit reporting company not correcting your credit report, you’re not alone. Affinity Plus is committed to helping you file a dispute and resolve your issues with the credit reporting industry as quickly as possible so that your credit report reflects an accurate history of your credit.
For more information, or to watch the 60 Minutes segment, click here.