Current mechanisms for correcting inaccuracies in consumers’ credit reports are inadequate, slow, and difficult for consumers to navigate. They can impact consumers’ ability to receive credit and the terms of credit they receive. Credit reporting agencies should be required to include dispute information in consumers’ reports to ensure consumers affected by this problem aren’t harmed by it while their disputes are being resolved.
Consumers with errors on their credit reports already have mechanisms for reporting these errors and having them resolved, so there’s already a route for resolving credit report errors. Additionally, only 5% of errors on consumer credit reports affect consumers’ ability to receive credit or the terms of credit that they’re offered — so the magnitude of this problem is quite small.