May 8, 2013 at 6:18 am
WASHINGTON (KNSI) U.S. Senator Amy Klobuchar is calling for swift action to protect consumers from errors on their credit reports.
During a Senate Commerce Committee hearing Tuesday, Klobuchar highlighted the serious damage credit report errors can have on people’s financial well-being, and urged the Administration to put pressure on credit rating agencies to ensure accuracy.
A recent report by the Federal Trade Commission found that over 25 percent of consumers’ credit reports contain major errors, often leading to less favorable loan terms or denial of credit.
Earlier this year Klobuchar called on the credit rating agencies to take immediate action to fix those errors and protect consumers.
Temp: 64°F (18°C)
Wind: 5 N
Weather: light rain, mist