A report from the Brookings Institute noted that the real problem with credit reports is the astounding number of errors. These errors matter as they prohibit otherwise qualified people from purchasing homes, and other various products. credit reports are seen by many as the infallible economic truths of an individual, as if they were handed down to Moses on stone tablets. Nothing could be further from the truth. There was a report completed in 2003 by the Public Interest Research Group, the state is 79% of credit reports have mistakes. The long term effects of the Equifax breach are still unknown.

However 143 million American credit files were breach. The head of the Equifax resigned and threats from Congress stating they would fix the problem were made. speed and volume are favored over x Accuracy on credit reports. Large scale inaccuracies are tolerated. The cost of correcting the data outweighs benefits for the credit bureaus, but not the consumers. half or more of medical bills have a billing error.

Debt that has been sold to third party collectors may never get properly accounted for even when paid. The credit reporting bureaus are not responsible for the accuracy of your credit report. You are if you have not reviewed your credit report, how do you know there is a mistake or if there is the dispute system is not designed to get to fix the problem. The credit bureau is only legally required to check with the creditor or debt collector and ask them whether they stand by their claim. As long as the creditor says you owe money the dispute is resolved in their favor.