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Consumer Report Investigation Found More Consumers Found Errors On Their Report

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CBS4's Danya Bacchus reports on how many consumers have experienced multiple credit report issues.

Video Transcript

- Now to a CBS 4 News Consumer alert. A new consumer report investigation finds more than a third of consumers found errors on their credit reports.

- CBS 4's Danya Bacchus has more on why you should monitor your credit.

- Robert Johnson checks his credit report up to four times a year.

- I have a very common name, Robert Johnson. There's so many people with that name. So there has been instances where there have been errors on my credit report.

- And he's not alone in finding mistakes. According to a Consumer Reports investigation, out of nearly 6,000 people surveyed more than one third had at least one error on their credit report.

- This is stuff relating to where they have a credit card, or how much in debt they are to a certain institution.

- Syed Ejaz is a policy analyst at Consumer Reports.

- These are errors that if they're not fixed, they can impact the consumer's credit score.

- And that impact could affect other areas of the consumer's financial life.

- We all know that credit cards are used to determine the interest rate that a person can get on a loan. And reports are also referenced in quite a few employment decisions. They can keep people from getting a job.

- 29% of those surveyed found personal information errors such as a wrong name or address, which Ejaz says can also cause problems.

- They won't be able to access their credit report if they can't get through the security verification questions.

- Complaints to the Consumer Financial Protection Bureau about credit reporting errors have more than doubled since 2019. Johnson notes disputing those mistakes is not easy.

- What was the process like in trying to get those things removed?

- I had to contact the credit bureaus as well as write letters. It's very tedious.

- But he also says it's worth the hassle to know his credit report is in good standing. Danya Bacchus CBS News Los Angeles.