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FTC issues information on credit report errors

Let's face it, in some ways we live in a plastic world. Many people in Cincinnati rely upon credit cards and other forms of credit to make purchases. Buying a home, or obtaining secured credit for a car, is more difficult for a person with no credit history at all. This blog has previously discussed that a person who has filed for bankruptcy and who work's to improve his or her credit rating may be able to qualify for a new mortgage in a matter of years with hard work.

But, as many Ohio residents are well aware, applying for a home or auto loan involves a review of credit ratings. A person who has always maintained good credit may be in for a surprise if he or she does not look at the information in the major credit reports, according to a recent report from the Federal trade Commission.

The FTC says that slightly more than 5 percent of all consumers have errors in at least one of the three major credit reports. The FTC report says that 5.2 percent of consumers have errors-that is no small number when it comes to the number of consumers who reside in Ohio, and across the country as a whole. The president of told USA Today that the FTC numbers suggest that tens of millions of consumers across the country have some kind of error in at least one credit report.

Granted, the FTC report says that many of the known errors in credit reports have little or no impact on the consumer. However, for some consumers, errors in a credit report can have serious impact.

Issues in the credit reporting system follow specified rules. A person cannot necessarily have information removed from a report unless the information falls within specified areas of the law. False information, outdated information and other specified problems may be removed, under highly technical rules.

Consumer groups and the credit reporting agencies reportedly responded to the FTC report favorably, according to the FTC. But, for the number of potential consumers who could see serious adverse impact from errors, it may be time to review the information. A credit restoration lawyer can help Ohio residents in navigating through the process.

Source: USA Today, "FTC: Credit reports may have significant errors," Christine Dugas, Feb. 11. 2013

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