Statistics:Credit Reporting Errors:1989 Study

Get information and post information on credit report errors not involving theft of identity.
David A. Szwak

Statistics:Credit Reporting Errors:1989 Study

Postby David A. Szwak » Thu Oct 06, 2005 7:58 pm


A 1989 study by Consolidated Information Services, a user of credit reports, found an error rate of forty-three (43%) percent in a random sample of 1,500 reports reviewed. A survey by Consumers Union found that forty-eight (48%) percent of the credit report sample contained inaccurate information. Consumers Union, "What Are They Saying About Me? The Results of a Review of 161 Credit Reports from the Three Major Credit Bureaus," (April 29, 1991). Nonetheless, the industry claims that 99.5% of credit reports are accurate. "Bad Credit, No Reason," U.S. News & World Report, January 27, 1992, p.65. This contention by the industry is based upon the number of errors investigated in 1988 (3 million complaints) with the number of reports they claim to have issued that year (4 billion). This is not a fair analysis. The comparison should be made against the number of consumers who actually saw their reports and complained (9 million). The latter comparison produces an error rate of thirty-three (33%) percent. E. Mierzwinski, "Nightmare on Credit Street or How the Credit Bureau Ruined My Life," (U.S. Public Interest Research Group, Washington, D.C.), June 12, 1990.

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