News Summary: 1 in 5 consumers had credit error

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News,Business

ERRORS IN CREDIT REPORTS: One in five consumers had an error in a credit report issued by a major agency, according to a government study.

MAY PAY MORE: The Federal Trade Commission study also said that 5 percent of the consumers identified errors in their reports that could lead to them paying more for mortgages, auto loans or other financial products.

IT PAYS TO CHECK: The FTC says the findings underline the importance of consumers checking their credit reports. Consumers are entitled to a free copy of their credit report each year from each of the three reporting agencies, Equifax, Experian and TransUnion.

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