Wednesday, January 7, 2009

FTC Issues Third Interim Report on Results of Studies Required by FACT Act

The previous interim report to Congress (December 2006) reviewed the results of an initial pilot study designed for testing a potential methodology for a nationwide survey, and it proposed a second pilot study to address certain problems uncovered in the first study. In both pilot studies, randomly selected consumers reviewed their credit reports with an expert to identify potential errors, and then disputed potential errors that the expert believed could have a material effect on their credit standing. The current report explains the methodological improvements tested in this second pilot study. As a next step, in 2009 FTC staff plans to submit a proposal, subject to approval by the Office of Management and Budget, for a nationwide study assessing credit report accuracy

The second pilot study was comprised of 128 people who, after an in-depth review of their credit reports, determined whether they believed there were significant errors in their reports. ...88 people stated they found no errors and 40 people alleged one or more errors that they wanted to dispute, whether material or not. Of the latter group, there was a sub-group of 15 people who alleged material errors...

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