With 25 percent of credit reports containing erroneous information, consumers need to be aware of how to efficiently correct these mistakes
Boston, MA – July 18, 2012
American Consumer Credit Counseling announced today a number of resources, including the organization’s Understanding Credit Reports, to help consumers combat inaccurate credit report information. This follows news from the Consumer Financial Protection Bureau (CFPB) that it will begin supervising the 30 largest credit reporting firms to ensure that these agencies act more swiftly to correct inaccurate and false information on consumer credit reports. Recent studies have found that 25 percent of credit reports contain errors that in some instances hurt consumers’ ability to borrow.
“A credit report is one of the single most important documents that can determine an individual’s eligibility for everything from a mortgage to credit cards, and it can even impact employment,” said Steve Trumble, President and CEO of national non-profit American Consumer Credit Counseling. “That is why it’s not only important for consumers to review their credit report twice each year, but also to educate themselves on the common mistakes to be aware of and how to fix them.”
A credit report is a history of everything that a consumer has done relating to their current and past credit, including applications for credit cards, personal loans, student loans or insurance. Reports contain information on where a consumer lives, how and when they pay their bills, and whether they’ve been sued or arrested, or have filed for bankruptcy. Credit reporting companies then sell the information in the report to creditors, insurers, employers, and other businesses with a legitimate need for it. These outlets can then use the information to evaluate applications for a variety of opportunities, including credit, insurance, employment or a lease.
“As we see all too often, most consumers are unaware that their credit report contains false information because either they have not reviewed it or have not applied for a loan or credit card,” Trumble added. “Consumers need to know that they have the legal right to dispute and correct any false information and these bureaus are obligated to investigate and respond within 30 days.”
American Consumer Credit Counseling provides thousands of consumers each year with information and resources to educate them on how to obtain and read a credit report and methods to maintain or build a better credit profile. ACCC’s resources include informational workshops, over the phone credit counseling, budgeting assistance, debt management resources and much more. To learn more about these resources or to speak with a representative about what steps consumers need to take to correct inaccurate information on their report please visit ACCC’s Financial Fitness Center at: www.consumercredit.com
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management.
For more information, contact ACCC:
- For credit counseling, call 800-769-3571
- For bankruptcy counseling. call 866-826-6924
- For housing counseling, call 866-826-7180
- For more information on financial education workshops in New England, call 800-769-3571 x708
- Or visit us online at ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a non-profit 501(c)(3) organization dedicated to empowering consumers to achieve financial health through education, counseling, and debt management. ACCC provides individuals with practical solutions for solving financial problems and recognizes that consumers’ financial difficulties are often not the result of poor spending habits, but more frequently from extenuating circumstances beyond their control. As one of the nation’s leading providers of financial education and credit counseling services, ACCC works with consumers to help them with the best plan of action to reduce their debt and regain financial stability. ACCC is accredited by the Better Business Bureau and holds an A+ rating. It is also a member of the Association of Independent Consumer Credit Counseling Agencies. For more information or to access free financial education resources log on to ConsumerCredit.com or visit TalkingCentsBlog.com.
