Study Shows "Major Problems" With Accuracy of Consumer Credit Scores

WASHINGTON – The Consumer Federation of America and the National Credit Reporting Association will release the results of a study on Dec. 17 the groups say shows “striking differences in the scores of the same consumer at different credit reporting agencies.” The study is based on an examination of over 500,000 consumer credit files. At the scheduled press briefing, CFA and NCRA will identify specific inconsistencies and errors found in consumer credit files, as well as compare the results of the three major credit reporting agencies – Equifax, Experian, and Transunion. The report also looked at the impact on consumers of inaccurate credit scores in the areas of credit, insurance, and utilities, and outlines the steps needed to protect consumers from inaccurate credit scores. CFA Executive Director Stephen Brobeck, and NCRA Executive Director Terry Clemans will speak at the Dec. 17th press conference.