You’ve probably heard credit repair ads say, “1 in 5 Consumers Found Mistakes on their Credit Report.” But which study proved that? The same study that suggests 1 in 10 dentists recommend Colgate toothpaste? We’ve found the study in question to find the answer.
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THE ORIGIN STORY
In 2012, the Federal Trade Commission researched how many consumers experienced errors on reports from each of the largest Credit Reporting Agencies: Equifax, TransUnion, and Experian. Can you guess the result? The FTC study found that 1 in 5 consumers reported errors on at least one of their 3 reports.
But that’s not all they found. The same study revealed that 5% of consumers had errors that may negatively impact their credit score. This could cause them to be eligible for higher rates on mortgage loans, buying a car, getting a personal loan, and so many more financial opportunities.
THE FOLLOW-UP STUDY
The FTC followed up in 2015, including 121 consumers from the original study who reported issues were found in their reports. Interestingly enough, 31% of consumers who found issues claimed that upon closer inspection, the results of their original credit dispute were correct after all.
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Surprisingly, only 1% of consumers who reported incorrect information in 2012 saw the same mistakes in their 2015 report. In other words, credit repair consultants succeeded in resolving the majority of issues.
HOW CREDIT REPAIRING CAN HELP YOU
With the help of a credit repair consultant, you can remove incorrect data that may be dragging down your credit score. With your due diligence, your accurate credit report may increase your score, allowing you more opportunities to pay less for things you want the most.
Start fixing mistakes on your credit report today. It can also help you avoid these financial burdens that can ruin your credit score:
- Late Payments
- Charge Offs
But to fix your credit, you have to get started sooner rather than later. Otherwise, your score will only suffer longer and get worse. It’s never been a better time to check your score, especially now that we know 14% of consumers find mistakes on their credit reports. So without further delay: Get help fixing your credit score now!