Business

To Catch A Creditor

[New York Times]

Creditors

IN 1999, Judy Ann Thomas of Elyria, Ohio, applied for a loan. But the bank mixed up her record with the file of a Utah woman named Judith Kendall — their Social Security numbers have seven digits in common. Because Ms. Kendall had a poor credit score, Ms. Thomas didn’t get the loan.

In the years since, as Ms. Thomas testified before Congress in May, she has repeatedly asked credit bureaus to correct her records, only to have her files re-contaminated. In 2010, when she applied for a job, the prospective employer questioned Ms. Thomas’s honesty after receiving Ms. Kendall’s records in response to a background check.

Ms. Thomas’s situation is not unique. Earlier this year the Federal Trade Commission completed a multiyear study of credit-report errors and found that nearly 20 percent of consumers had errors in at least one of their credit files, and that 13 percent saw an improvement in their scores when the errors were corrected.

Confused files, like Ms. Thomas’s, are also common. A 2012 study by The Columbus Dispatch analyzed 30,000 complaints to the F.T.C.; of those, 1,500 people reported that their files included someone else’s information. Nearly a third said the credit agencies did not correct the errors, despite being asked to do so.

READ MORE

Tags
Show More

Related Articles

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker