CREDIT REPORT MISTAKES

The Attorney General of Mississippi has filed a lawsuit against Experian, which, along with Transunion and Equifax, make up the three largest credit reporting companies. These companies collect information about consumers and then sell it back to lenders, insurance companies and others. The problem is that these reports on consumers are frequently full of mistakes and misinformation. According to investigators with the Mississippi Attorney General's office, Experian mixed up reports of consumers with the same or a similar name, reported inaccurate information and then failed to remove it when told of the error and failed to investigate potential mistakes despite warnings from consumers that an error existed.  The Mississippi Attorney General's allegations aren't the first time these problems have been identified. The Federal Trade Commission says 5% of consumers, or 10 million people have credit report errors so significant that they have impacted the consumer's credit. The investigators also found former employees of Experian who said they were pressured to meet certain quotas for the cases and to keep any investigations and phone calls with consumers short. If you've found an error in information contained in your credit reports please contact us to discuss the next steps in resolving the issues.