According to Credit.com, the average credit score in the U.S. is 693; however, 37 % of American adults admit they do not know their credit score, and only 35 % have checked their credit within the past 12 months. Sadly, many Americans have errors on their credit report, and they don’t even know it. Do you?
A new government study released today indicates as many as 40 million Americans have a mistake on their credit report, and twenty million have significant mistakes-mistakes that could prevent getting a house, car, or even a job.
An investigation conducted by 60 Minutes of the credit reporting industry shows that those mistakes can be nearly impossible to get removed from your record.
Experian, TransUnion, and Equifax dominate the four billion dollar a year consumer credit reporting industry, but the Federal Trade Commission (FTC) is now questioning their reliability.
Jon Leibowitz, FTC Chairman states that data conducted in the FTC study shows that one out of five Americans has an error on their credit report, and one out of 10 has an error on their credit report that might lower their credit score.
So if you are thinking you need to check your credit reports like yesterday, here’s a link to access a free credit report from each of the three national credit reporting agencies.
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