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MoPIRG Foundation
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41 Action News
By
Keith King

KANSAS CITY, Mo. - We hear it all the time, especially in this age of security breaches at retail stores; check your credit report. 

 

Jacob Foy of Kansas City, Kan., tried to do that, but could not.

 

Foy says he repeatedly tried to get a copy of his credit report from the so called big three bureaus: Experian, Equifax and TransUnion, but was denied.

 

Foy says he learned his credit report had an error on it. Instead of Foy,  the bureaus knew him as Jacob O’Malley. 

 

“After I filed complaints with the Federal Trade Commission and the Attorney General, that’s when I decided I better contact Call For Action too,” Foy said.

 

Foy believes the error kept him from buying a car, taking out credit, and even getting a job. 

 

He said, “I’ve been denied by Discover; Got denied by Visa.”

 

He is not alone


The Consumer Financial Protection Bureau hears from consumers who have issues with their credit reports.

 

The federal agency was established in 2010 following the financial meltdown to “identify dangerous and unfair financial practices, educate consumers about these practices, and regulate the financial institutions that perpetuate them.”

 

MoPIRG Foundation, a consumer advocacy group, analyzed 10,000 consumer complaints the CFPB received since October, 2012, when the federal agency began collecting the complaints.

 

Here’s how some of the complaints breakdown:

 

65% - Consumers noted incorrect information on their credit report. 
14.4% - Consumers complained about inadequate help over the phone, investigations that take too long, and problems with statements. 
12% - Consumers were unable to get their free annual credit reports.

 

Jacob Foy says he fell into that group, saying, “Unfortunately, it’s lead me to near homelessness.”

Read more: http://www.kshb.com/dpp/money/consumer/call_for_action/thousands-of-consumers-find-errors-on-their-credit-reports#ixzz2sJE3hHxA

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