40 Million Credit Report Mistakes: CBS News Investigates the Credit Reporting AgenciesData collected about us rules our lives. Our driving records, search engine history, online purchases and credit history are bought and sold every day. And, decisions about where we live and where we work are often made based on the information in our credit reports. But, a new report from 60 Minutes indicates that the information about our credit can have significant problems. According to their research, 40 million Americans have errors on their credit reports.
What Kinds of Errors Show Up on Reports?One in every four consumers has some sort of error in their credit reports. Around five percent of consumers have an error that can reduce their credit scores. Common serious errors include:
- Paid accounts appearing as delinquent.
- Closed accounts showing as open.
- Bad debts that belong to other people who have similar names or Social Security numbers.