IS THERE WRONG INFORMATION BEING REPORTED ABOUT YOUR CREDIT? A study released by the U.S. Public Interest Research Group (PIRG) in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake. That represents a significant majority of the population that would be effected by incorrect information about their personal credit.
However, the General Accountability Office (GAO) released a follow-up study disputing those numbers. Then the Federal Reserve Board issued a similar study noting that “the proportion of individuals affected by any single type of data problem appears to be small.”
In 2007, the Consumer Data Industry Association (CDIA) which represents the credit bureaus testified that less than two percent (2%) of 52 million credit reports had data deleted because it was in error.
OK. Let’s just say we don’t know for sure what percentage of credit reports are wrong.
Although there is great disagreement over “how many” credit reports are erroneous, there is no disagreement that some amount are incorrect. Even if only 2% are wrong, that would mean that well over 1 million individuals have bad information representing their credit history.
The good news is that consumers like you and I have rights and bad information can be removed.
Furthermore, if you have become overwhelmed with credit card debt and other unsecured debt, and you don’t want to consider bankruptcy, there is professional debt negotiation help available to lower your unsecured debt obligations and get your family’s financial situation back on the path towards prosperity.
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