Federal Trade Commission (FTC) Study Produced Increased Auditing of Credit Bureaus

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MSI Credit Solutions advises consumers to review their individual credit report for any irregularities, based on an FTC audit of the three major credit bureaus.

This year marked the completion of an eight year long study conducted by the Federal Trade Commission that found as many as 40 million Americans have an error on their credit report. The study determined that one in five Americans has an error on his/her credit report and one in 10 Americans has an error affecting his/her score. This study was also brought to light in a recent 60 Minutes report that aired on Sunday, February 10.

MSI Credit Solutions advises consumers if they believe there is a mistake on a report to go to the credit bureaus and dispute these items. The credit bureaus have an obligation to conduct a reasonable investigation. However, the study completed this year also shows that they are not conducting a reasonable investigation or doing one at all.

A little background information on the credit bureaus; the three major credit bureaus are Equifax, Experian and TransUnion. These bureaus gather information to report on credit reports which in turn calculate a score. The three agencies are separate in themselves which is why consumers may run into differences in each one. These bureaus make their money gathering this information and then sell it to banks, merchants, insurance companies and employers. Additionally, upon visiting the bureaus’ sites, consumers will mainly come across sites designed more to sell products than resolve disputes.

In the 60 minutes report, FTC chairman Jon Leibowitz acknowledged that consumers may receive assistance from legitimate credit repair firms. Companies such as MSI Credit Solutions that follow the Credit Repair Organizations Act and are regulated by the FTC are a great option for consumers who may not know who to turn to. The president of MSI Credit Solutions stated, “We feel our industry is reaping better results at this time because the bureaus are being audited for work that was not done correctly or not done at all. We are seeing an increase in information being corrected or removed due to inaccuracies that were previously reporting on our clients’ reports.”

The Fair and Accurate Credit Transaction Act gives consumers the right to obtain a free credit report once a year from each of the three credit reporting agencies. To obtain this free report be sure to visit http://www.annualcreditreport.com or call toll-free at 877-322-8228. For additional information on services provided by MSI Credit Solutions visit http://www.msicredit.com or call toll-free at 866.217.9841.

About the company:

MSI Credit Solutions provides superior credit restoration and comprehensive consulting services that are reliable and affordable. They embody amicable communication with their clients through each phase of the restoration and rebuilding process. MSI can help clients increase their credit score and develop strategies for credit repair. They pride themselves in catering to each individual’s needs, while simultaneously providing personal attention that each client deserves. For more information and a free credit consultation, please visit their website at http://www.msicreditdfw.com.

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Ricardo Mendiola
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