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Reports have errors

79 percent of all credit reports contain some type of error- and 25 percent contain such serious errors that those individuals could be denied credit.


Here are other significant findings:


54 percent contained inaccurate personal information such as misspelled names, wrong Social Security numbers, inaccurate birth dates, inaccurate information about a spouse and out of date address. For example, on credit report listed a man's business partner as his spouse.


30 percent listed "closed" accounts as "open." For example,m listing a student loan that was paid off years ago as still outstanding. Another report listed several credit cards, a a mortgage and an auto loan ll as open.


22 percent of reports had the same mortgage or loan listed twice. this mistake often occurs when loans are serviced or sold.


8 percent of reports simply didn't list major credit, loan, mortgage or other accounts that could be used to demonstrate the creditworthiness of a consumer.


These errors can create the appearance of a consumers having "too much" credit available, being over extended , or not having been a responsible payer of his or her obligations.


The "big three" credit report bureaus - Equifax, Experian and TransUnion - have been in this business for years, so how can they possibly be making all of these mistakes?


Most mistakes can be pinned to your creditors and others providing info to the credit bureaus. As mentioned above, some mistakes happen when credit accounts change hands. Some errors are intentional. The report found that some banks admit to not furnishing bureaus with complete information on customers.


Other mistakes are simply human errors. According to a credit bureau industry spokesman, some 30,000 data processors file 4.5 billion updates to credit reports each month, leaving considerable room for errors.

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