WASHINGTON (1/23/15)--Most consumers reporting unresolved errors in their credit scores believe that inaccurate information is still on their credit report, according to a study from the Federal Trade Commission (FTC).
The study, released Tuesday, is the sixth and final congressionally mandated study on national credit report accuracy from the FTC.
A full 23% of those with lingering problems told the FTC that they just do not have the time to continue the fight to get the errors cleared up.
An earlier study--one in 2012--found that 20% of consumers had an error on at least one of their three credit reports that was corrected by a credit reporting agency (CRA) after it was disputed. That study also found that approximately 20% of the consumers who identified errors in their credit reports saw a later improvement in their score that resulted in a lower credit-risk tier.
This week's study is a follow-up to the 2012 study, and it focuses on 212 consumers who had at least one unresolved dispute in the 2012 study. The 2015 report found that 37 of those consumers (31%) found the disputed information had been corrected.
The other 84 consumers continue to believe some of the disputed information on their reports is still inaccurate. Thirty-eight of those consumers (45%) said they plan to continue their dispute, 42 (50%) said they would abandon their dispute and the remaining four said they are undecided.
The 42 consumers who plan to abandon the process are involved in 93 total disputes. Of those, 40% said they were not interested in pursuing the matter, or the inaccurate information is not important. As mentioned, another 23% of those consumers indicated they do not have enough time to continue the dispute.
The 2015 study recommends that:
According to the FTC, "due to the relatively small number of consumers who participated in the follow-up interview, the commission has determined not to recommend any specific legislative action regarding credit reporting accuracy at this time."