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Taxpayers must pay the freight for over-budget train projects
Topic - Howard Shelanski
The Federal Trade Commission in a new survey released Monday found that one in five consumers had at least one error on their credit report from one of the three leading reporting services, and 5 percent of consumers — one in 20 — could end up paying more for mortgages and auto loans because of these mistakes.
In the first comprehensive study of its kind, the Federal Trade Commission reported Monday that some 40 million Americans could be suffering from errors that are keeping their credit scores lower -- and their borrowing rates higher -- than they should be.
"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 "The creditors who report to the agencies are at fault, because they upload erroneous, outdated information, but the agencies should take a few steps to verify what is obviously inaccurate information."