The Pamela Madore Group
How Accurate Are Credit Reports
I cannot begin to tell you over the years how many times I have heard, "but that isn't mine" or "that isn't right" or "I paid that off". And how that affects your credit score is serious.
Think about how often your mail has a misspelling of your name or a mistake in your street address. Then imagine the possibility of error in a report that has much more information about you. Cases of mistaken identity, out-of-date information and outright errors can easily occur.
Federal Reserve Bank of San Francisco
Each of the three big credit bureaus have at least 200 million credit files. So a 1% error would translate into 2 million consumers per bureau.
Tara Siegel Bernard
Percent of consumers who filed disputes and had the erroneous information removed--70%
Percentage of "successfully resolved" disputes where false information was removed but subsequently reappeared 13%
How reliable are credit reports? For an instrument that has much control on our lives, it is a scary thought to think how inaccurate they are and how disappointing it can be to try to correct it.
"Credit reports are not infallible..... with this huge exchange of information mistakes happen at an alarming rate"
Matt Dolan , Director of Financial Education, CreditWise, Des Moines IA
If the statistics are that only 20% of credit reports are accurate, then that means that 80% are not. Those 80% pay a price for the mistakes on their reports.
From the real estate and mortgage point of view, we are not able to help many people get into homes because their credit report is inaccurate. It is tragic that someone's whole direction in life can be altered by incorrect information reported by a computer.
Unfortunately, it isn't just a question of saying "no I paid that' or even "here is the receipt" isn't good enough. It is then a process that could take a very long time to get it fixed.
Fortunately, lenders have recognized to some degree that credit reports have lots of erroneous information on them so the goal is to get the scores in a good place and have a clean prior 12 months..
How accurate are credit reports? You decide.
Call me today to find out what is on your report that is wrong.
Specializing in finding buyers for our sellers.
Keller Williams Realty
3955 S Soncy Amarillo TX 79199