According to the Federal Reserve 79 percent of credit reports may contain some type of error and about 25 percent of all consumer credit reports may contain errors that can result in the denial of access to credit.
Equifax and the other credit reporting companies don’t care if the information is wrong. The credit bureaus are willing to tolerate these errors and settle with consumers out of court as a cost of doing business, according to lawyers and credit experts that work on these cases.
Despite the $18.6 million settlement in punitive damages a Portland, Ore., woman received for false information, little will change.
The Law Office of Mayer and Newton, Knoxville bankruptcy attorneys offer relief from debt and credit score issues. Call our office today for a free consultation or information about our credit education course that can improve your credit score. If you are interested in increasing your credit score call us today at 865-588-5111.