The Federal Trade Commission (FTC) has released a congressionally mandated study of the U.S. credit reporting industry and found that five percent of consumers had errors in their credit reports “that could lead to them paying more for products such as auto loans and insurance.” FTC Bureau of Economics Director Howard Shelanski said, “The results of this first-of-its-kind study make it clear that consumers should check their credit reports regularly. If they don’t, they are potentially putting their pocketbooks at risk.” Participants were encouraged to use the Fair Credit Reporting Act to resolve potential errors, and nearly one in four participants found errors that might have affected their credit scores.
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