The Accuracy of Your Credit Report

Cogburn Law
Madeleine Jones
May 17, 2013

Today, the Federal Trade Commission (FTC) provided testimony before the United States Senate Subcommittee on Consumer Protection, Product Safety and Insurance regarding the accuracy and completeness of consumer credit reports.  The FTC summarized its recent study on the accuracy and completeness of consumer credit reports.

 The study entailed participation from consumers, lenders, data furnishers, FICO and Credit Reporting Agencies.  In addition, the FTC hired a team of researchers from the University of Missouri, St. Louis and the University of Arizona.  The research team analyzed a total of 2,968 credit reports from 1,001 consumers.  The highlights of the findings were:

  • 26% of consumers found a material error in their credit report;
  • 79% of consumers who disputed the material error with the credit reporting agencies accomplished some change to their credit report; and
  • 13% of consumers had an error on their credit report that affected their credit score.


Additionally, the study found the most common types of errors in consumer’s credit reports were:

  • Incorrect balances;
  • Incorrect denotations of late payments; and
  • Past-due accounts with collection agencies.


Your credit score affects many aspects of your personal finances in our credit driven society.  As such, it is wise to monitor your credit report, especially given the findings of the FTC.  A full report of the testimony provided can be found at:


For additional information regarding your credit report and disputing inaccurate information, contact Cogburn Law Offices today. We can help.