Credit Report Error

Associative Press, Huffington Post

Earlier today, a government study revealed some shocking news.According to a research study conducted by The Federal Trade Commission, one in every five people have error's in their credit score. Out of those with credit score errors, 5% have ended up paying more money to mortgages, auto loans, and other financial products. The faulty credit score has come from three major agencies: Equifax, Experian and TransUnion. The Commission hired researchers to help consumers identify potential errors. Some might say it is too late. Thousands of Americans had faced problems and were denied loans because of the credit score they now find to be mistaken. The Federal Trade Commission has also now stressed the importance of often checking the credit score and reporting any issue they might encounter or realize. To be fair, many complain that they should receive compensation for their credit score errors and protest to receive the money that they should not have paid in the first place.  The problem does not end right here. In the end, the government is affected by this financial problem. Based on the high interest rates consumer's were paying, the government has given tax breaks to many individuals who had loans to pay. This credit plague must be taken care of immediately in order to restore the unbiased balance implemented in the financial world.