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Perfect Credentials
Bankruptcy Errors on Credit
“Public records inconsistently reported actions such as Bankruptcies and collections.”
– United States Federal Reserve
“Specifically, several officials and reports cited collection agencies and governmental agencies that provide information on Bankruptcies, liens, collections, and other actions noted in public records as major sources of errors.”
– U.S. General Accounting Office (GAO)
“In today's sophisticated and highly calibrated credit markets, credit report errors can have significant monetary implications to consumers and credit granters.”
– U.S. General Accounting Office (GAO)
“...errors or inaccuracies in the credit report of a consumer with a less than perfect credit history could result in the denial of credit or an offer of less favorable credit terms.”
– U.S. General Accounting Office (GAO)
“The limited literature on credit report accuracy indicated high rates of errors in credit report data.”
– U.S. General Accounting Office (GAO)
GAO Observations:
“An option for improving the accuracy of credit reports would be to create the opportunity for more reviews of credit reports by consumers. When consumers see their credit reports, they have a chance to identify errors and ask for corrections to ensure the accuracy of their credit reports.”
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In the summer of 2003, the United States General Accounting Office conducted research regarding the accuracy of Consumer Credit Reports.
Why did the GAO do this study?
“Accurate credit reports are critical to the credit process – for consumers attempting to obtain credit and to lending institutions making decisions about extending credit. In today's sophisticated and highly calibrated credit markets, credit report errors can have significant monetary implications to consumers and credit granters.”
View the full GAO Report or go to www.gao.gov to learn more.