If you’re in the financial field, chances are you’re familiar with the FACT Act (sometimes called FACTA by friends and family). It’s the Fair and Accurate Credit Transactions Act, which amended portions of the Fair Credit Reporting Act. Research just released by the FTC puts the word “accurate” under the microscope.
Some factoids of interest from the Report to Congress.
- One in four consumers spotted errors on their credit reports that might affect their credit scores;
- One in five had an error that was corrected by a credit reporting agency (CRA) after it was disputed;
- Slightly more than one in 10 people saw a change in their credit score after the CRAs modified errors on their credit report; and
- About one in 20 had a maximum score change of more than 25 points.
If credit reporting is a part of your business, you’ll want to read the full text. Facts 'n' figures aficionados will have a field day with the breadth of the data.