FTC: Credit Report Errors Can Take Years to Fix

What's Hot

23 Upgrades Under $50 to Make Your House Look AwesomeAround The House

Trump Worth $10 Billion Less Than If He’d Simply Invested in Index FundsBusiness

Do This or Your iPhone Bill May SkyrocketSave

11 Places in the World Where You Can Afford to Retire in StyleMore

19 Moves That Will Help You Retire Early and in StyleFamily

What You Need to Know for 2017 Obamacare EnrollmentFamily

8 Things Rich People Buy That Make Them Look DumbAround The House

50 Ways to Make a Fast $50 (or Lots More)Grow

32 of the Highest-Paid American SpeakersMake

The 35 Two-Year Colleges That Produce the Highest EarnersCollege

5 DIY Ways to Make Your Car Smell GreatCars

Amazon Prime No Longer Pledges Free 2-Day Shipping on All ItemsMore

More Caffeine Means Less Dementia for WomenFamily

7 Household Hacks That Save You CashAround The House

5 Reasons a Roth IRA Should Be Part of Your Retirement PlanGrow

30 Awesome Things to Do in RetirementCollege

Beware These 10 Retail Sales Tricks That Get You to Spend MoreMore

9 Tips to Ensure You’ll Have Enough to RetireFamily

The Federal Trade Commission found that some people get so tired of fighting to fix an error on their credit report that they end up giving up and living with the mistake.

It can be a long, frustrating road between identifying an error on your credit report and getting the mistake fixed.

In fact, the process can be so long and cumbersome that consumers give up, leaving unresolved errors on their reports, according to a report from the Federal Trade Commission.

In its sixth and final congressionally mandated study of national credit report accuracy, the FTC said that most consumers who had found an unresolved error on their credit report believe that at least part of the information on their report is still wrong. This report is a follow-up to a 2012 study that found 20 percent of consumers have an error on their credit reports.

The current report includes 121 consumers who had at least one error on their credit report. The FTC said:

It finds that 37 of the consumers (31 percent) stated that they now accepted the original disputed information on their reports as correct. However, 84 of these consumers (nearly 70 percent) continue to believe that at least some of the disputed information is inaccurate. Of those 84 consumers, 38 of them (45 percent) said they plan to continue their dispute, and 42 (50 percent) plan to abandon their dispute, while four consumers are undecided.

Now that it’s concluded its final study, the FTC is recommending that the credit reporting agencies work on a more effective way to communicate with consumers about the status of their disputes and their rights to access, review and dispute information they believe is inaccurate on their credit reports.

Click here for information on how to get your free credit report. If you want information on how to dispute a credit report error, click here.

If you need help restoring your credit, click here. Or if you want to repair your credit on your own, we have some tips here.

Do you request a copy of your credit report to review annually? Have you ever spotted an error? Share your experiences below or on our Facebook page.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: It’s Not All Credit Scores: Other Things Your Lender Might Be Looking At

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,654 more deals!