Here's something that might make you angry—and it should.
For the past three years running, the number one complaint submitted to the Consumer Financial Protection Bureau (CFPB) has been errors on credit reports. Not predatory lending. Not debt collection harassment. Credit report errors.
And it's getting worse, not better. In 2021, the CFPB received 165,129 complaints about credit report mistakes. By 2023, that number had exploded to 430,600. That's more than double in just two years.
The Scary Statistics
According to a survey by Consumer Reports and WorkMoney, 44% of consumers found at least one mistake on their credit report. Nearly half. And 27% said they found account information errors—accounts they didn't recognize, payments marked late that they know they paid on time, and debts that didn't even belong to them.
Think about what that means. Your credit report determines:
- Whether you get approved for a mortgage
- What interest rate you pay on your car loan
- Sometimes whether you get that job or apartment
And there's nearly a coin-flip chance that report has wrong information on it.
Your Right to Accuracy
The good news? You have the legal right to dispute any information you believe is inaccurate. The Fair Credit Reporting Act (FCRA) gives you this right—and requires credit bureaus to investigate your disputes within 30 days.
Even better news? You can exercise this right yourself, for free, without paying anyone a dime.
Key Takeaway
Credit report errors are incredibly common—affecting nearly half of all consumers—and they can seriously damage your financial life. But federal law gives you the right to dispute and correct these mistakes yourself.