The following are among the types of inaccuracies that appear in credit files and the reports derived from
- • Inclusion of accounts or records in a credit file that do not belong to the
consumer, commonly called a mixed file: Credit reports can contain trade lines or
public records about a consumer other than the one who is the subject of the credit
• Omission of accounts or records belonging to the consumer: A credit account or
public record that belongs to the consumer’s file can be erroneously placed in another
consumer’s file, leading to a mixed file, as described above.58 Alternatively, credit bureau
matching algorithms or gaps in data can lead to a consumer trade line being kept separate
from the rest of the consumer’s file.
• Trade line or record inaccurately represents information pertaining to the
consumer’s account with the creditor: A credit file can inaccurately depict the terms
and status of a valid account such as inaccurately depicting the date an account was
closed, the credit limit for the account, or whether a trade line is delinquent. Similarly, a
collection item on the report may inaccurately reflect the payment status of the debt or
the amount of money owed.
inaccuracies in their account. For example, a consumer may believe he or she paid a bill
when it was not paid. A consumer may believe that paying an item in collection removes
the collection history from one’s credit report, which it does not. A consumer may
believe he or she paid an account on time, when under the terms of the account, it was
late. Or a consumer may simply not recognize a trade line even though it is legitimate.
CONSUMER FINANCIAL PROTECTION BUREAU, DECEMBER 2012
http://files.consumerfinance.gov/f/2012 ... -paper.pdf
Article by: Chris Green
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