96% of credit files today contain errors, some of them are critical enough to lower a score by as much as 275 points. Focus on the incorrect information, don't waste your time on valid negative items. To put the problem and the opportunity into perspective, consider the following facts
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29% of consumers have variances of more than 50 points in their credit score between the 3 bureaus (CFA/NCRA)
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60% of files had at least one account that showed different account type across the 3 bureaus (CFA/NCRA)
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78% of credit reports fail to report at least one revolving account in good standing (CFA/NCRA)
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10% of files omitted the date of fulfillment for a bankruptcy (CFA/NCRA)
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79% of reports contain serious errors or other mistakes of some kind (PIRG)
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96% of credit reports report inconsistent credit limits (CFA/NCRA)
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43% of credit files report a conflicting number of times that the same account has been reported 30 days late (CFA/NCRA)
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96% of credit reports show a different delinquency status, between 30 and 90 days delinquent, across the 3 bureaus (CFA/NCRA)
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33% of files are missing a mortgage account that’s never been late (CFA/NCRA)
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66% of files are missing an installment account that’s never been late (CFA/NCRA)
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25% of files contained contradictory information regarding the date of last activity (CFA/NCRA)
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70% of credit reports fail to report a credit limit for at least one account (FRB)
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22% of files show the same loan reporting twice or more (PIRG)
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20% of consumers are at risk of being mis-classified as sub-prime (CFA/NCRA)
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29% of credit reports contain errors serious enough to cause denial of credit (PIRG)
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82% of credit reports report different balances on the same revolving or collection account across the 3 bureaus (CFA/NCRA)
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CFA – Consumer Federation of America NCRA – Nation Credit Reporting Association PIRG – Public Interest Research Groups FRB – Federal Reserve Bulletin
With statistics like these - it's likely that YOUR credit file contains errors.
