Credit report errors devastate consumers

Of the thousands of errors discovered on credit reports, accidentally blending the histories of multiple people can be the most damaging because it can prevent consumers from receiving loans or gaining employment and can sometimes require lawsuits to clear up, an investigation by The Columbus Dispatch has found. About six percent of Federal Trade Commission complaints during a 30-month period and nearly eight percent of complaints to the state attorney general in 2009 and 2010 regarded such a mix-up, which often occurs because creditors can request consumers' reports using only partial information, the article said. 

Banking Industry, Consumer Credit Industry