According to a report released by the Federal Trade Commision, one out of every twenty credit reports ordered from credit reporting agencies like Experian, Equifax and TransUnion contain false or incorrect information. 26% of consumers who checked their credit reports found errors in at least one of the three major credit reporting agencies.
“These are eye opening numbers for American Consumers,” said Howard Shelanski, director of the FTC's Bureau of Economics, “The results of this first-of-its-kind study make it clear that consumers should check their reports regularly.”
Experian retaliated claiming that, in most cases, errors usually weren't numerous or large enough to matter, and that a small percentage of consumers have potentially benefited from an error.
“After thoroughly reviewing the FTC report... we believe it confirms that consumer reports are predominantly accurate,” the company said, via e-mail, “That said, Experian is not satisfied with this result and we continue to work toward ensuring credit reports are 100 percent accurate.”
Equifax and TransUnion argued that other studies of credit reporting found far fewer errors, but the problem can't be solved by themselves alone. “Our goal is perfection,” said Equifax in a prepared statement to the media, “For that to happen, all parties- data furnishers, consumers, government and credit reporting agencies- have a responsibility and need to work together.”
All three companies (Experian, Equifax and TransUnion) urge consumers to be vigilant and check their credit reports at least twice a year, and dispute any errors.