A couple of months ago, I posted a piece about how credit companies oftentimes make it hard for consumers to obtain a federally-mandated free copy of their credit reports (see: "When A "Free" Credit Report Isn't Free!"). Well stop the presses; now the three major credit-reporting agencies--Experian, TransUnion, and Equifax--have apparently made it just as difficult for consumers to clear up mistakes on their credit reports.
This is important because, according recent reports, "Americans are being denied loans or getting stuck with higher interest rates due to errors on their reports" (see: "Millions of Credit Reports Have Errors."). Although the exact figures are in dispute, it's estimated that approximately 40 million Americans relying on credit reports containing errors that impact them negatively.
Two weeks ago Sunday, CBS's Sixty Minutes news magazine aired a piece highlighting how difficult--if not impossible--it is for American consumers to attempt to rectify mistakes on their credit reports. For those of you who missed this important segment, I've taken the liberty of posting it below. Please watch:
"The ONE Thing To Know About Your Credit Report," courtesy of 60 Minutes, originally airing February 10, 2013
It's important to diligently monitor your credit reports for updates and/or mistakes. In the event that you should encounter such difficulties in trying to correct mistakes, I advise you to contact your state's Attorney General office to report these problems.