COLUMBUS, Ohio – Federal authorities say the credit reporting industry is a mess and Ohio’s top law enforcement official wants to clean it up.
The Federal Trade Commission found one out of five Americans has an error on their credit report and one out of 10 has one that affects their credit score, commissioner chair Jon Leibowitz told CBS’ “60 Minutes” Sunday night.
The errors can affect whether you’re approved for a mortgage, car loan, insurance, even hired for a job, and the FTC study also found it can be near impossible to correct those mistakes, which Ohio Attorney General Mike DeWine is working to remedy.
“The problem is not that they make mistakes. It’s they won’t fix the mistakes,” DeWine said.
DeWine says the industry is violating the Fair Credit Reporting Act and his office is investigating the three credit-reporting companies.
Any Ohioan who is having trouble getting the credit reporting agencies to remove inaccurate information from their credit report is encourage to contact DeWine’s office at 1-800-282-0515.