- Arkansas voter ID law struck down by state judge
- FDA proposes ban on e-cigarette sales to minors
- Bad omen? Italian man crushed to death by John Paul II crucifix
- Company stopped from accepting abortion waste
- Girl surprises Michelle Obama with unemployed dad’s resume
- ‘Harry Potter’ religion class seeks to enlighten students on ‘God, sin, and theodicy’
- ‘Optionally piloted’ Black Hawk helicopter clears tests; future missions to go ‘fully unmanned’
- Vice News reporter kidnapped in Ukraine is freed after being beaten, blindfolded
- FCC’s new ‘net neutrality’ proposal sparks outrage among consumer advocates
- Families of ferry’s lost confront South Korean officials
FTC finds errors in 1 of 5 personal credit reports
“A newspaper would never merely publish data, because someone told them something, they would verify it,” Mr. Edelman said. “Why don’t the credit reporting agencies have the same approach?”
Mr. Edelman would like to see the FTC step in with penalties for inaccurate credit reporting.
“The time has come for the government to impose greater standards and penalties for organizations that are careless with the information they post to credit reports,” he said. “The creditors who report to the agencies are at fault, because they upload erroneous, outdated information, but the agencies should take a few steps to verify what is obviously inaccurate information.”
The study, which was commissioned by Congress, found that 1 in 5 consumers had to dispute their credit score to get an error corrected. One in 20 consumers saw their credit scores change by more than 25 points after the error was corrected.
The FTC recommended that consumers use AnnualCreditReport.com to check their scores for free.
“Your credit report has information about your finances and your bill-paying history, so it’s important to make sure it’s accurate,” Charles Harwood, acting director of the FTC’s Bureau of Consumer Protection, said in a statement.
Unfortunately, people often neglect their credit reports.
“This doesn’t surprise me at all,” Mr. McBride said. “People don’t utilize the opportunity to get free copies of their credit report and get those inaccurate items corrected.”
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
About the Author
Tim Devaney is a national reporter who covers business and international trade for The Washington Times. Previously, he worked for the Detroit News, Grand Rapids Press, Portland Press Herald and Bangor Daily News. Tim can be reached at firstname.lastname@example.org.
- Dysfunction, disarray at Homeland Security management cited in IG's report
- GM's Barra to be first woman to run top American carmaker
- Treasury sells last shares in 'Government Motors'
- U.S. businesses reach out quickly to partners in Iran
- General Motors ending Chevrolet sales in Europe to focus on Opel and Vauxhall
Latest Blog Entries
TWT Video Picks
By Tammy Bruce
Only IRS employees could expect rewards for failing to pay their taxes
- Holder cancels appearance in OKC amid angry protests
- 'Top Gun' for drones: Squadrons of carrier-based killers have Navy's approval
- In its hunt for Senate, Republican candidates campaign against Harry Reid
- America is an oligarchy, not a democracy or republic, university study finds
- Obamacare class-action suit opens a new legal front
- Sold out: Ukraine's leadership swapped best military weapons for cash
- Justice at last: 'Evil woman' outed for grabbing girl's game ball
- Gun control supporters send message to NRA
- Nevada rancher Cliven Bundy hailed as patriot, ripped as lawless deadbeat
- Nevada rancher's racial remarks cost him range of support
Top 10 handguns in the U.S.
Celebrity deaths in 2014