The FACT Act of 2003: Notice and Request For Public Comment On the Effects of Credit Scores and Credit-Based Insurance Scores on the Availability and Affordability of Financial Products
The credit reporting agencies generally operate on a "garbage-in, garbage-out" basis. There is no real concern for the accuracy of information, so long as they can sell their information product(s). Errors are not easily corrected, and I tried for months to have a very damaging error corrected on my credit reports from two credit reporting firms. These firms did nothing until I filed legal action. Then they agreed to pay some damages, and finally made the corrections needed. Now I have a similar problem with yet another credit reporting agency. These errors lower credit scores, damage credit, and cause numerous other problems. If my information is correct, the typical error rate is over 25 percent for most credit reporting agencies. The way the laws are now written, the credit reporting agencies have few incentives to make the corrections needed.