FACT:

More than a third of disputes have to do with collections

In 2011, consumers reached out to the credit reporting companies roughly 8 million times, resulting in disputes of 32 to 38 million items in their credit files. Almost 40 percent of the disputes relate to debt in collections, and debt in collections is five times more likely to be disputed than mortgage information. According to the industry, some of this may have to do with consumers’ incentive to dispute any negative information on their reports.


FACT:

An average of 15 percent of consumer disputed items are addressed internally by the credit reporting companies

Most complaints and disputes are forwarded to the furnishers that provided the original information. Why is that a problem? With 85 percent of all disputes and complaints being passed on to the furnishers, the CFPB report found that “the documentation consumers mail in to support their cases may not be getting passed on to the data furnishers for them to properly investigate and report back to the credit reporting company.”


FACT:

Fewer than one in five people obtain copies of their credit report    each year

The most effective way for consumers to identify errors in their reports is to obtain copies and review them. But only about 44 million consumers per year, or about one in five, obtain copies of their files.