Credit Reports | Issues

Home > Issues > Credit Reports

Credit Reports

About 200 million Americans have credit histories on file with the three major credit bureaus, and these bureaus generate more than one billion credit reports each year. Credit reports play a critical role in the economic health of American families. A good credit history enables consumers to obtain credit, and at a fair price. Credit reports are also used by employers, landlords, utility providers, and insurers.

Despite their importance, inaccuracies and errors plague credit reports, with estimates of serious errors affecting up to 25% of reports. The dispute process mandated by the Fair Credit Reporting Act has become a travesty, with the credit bureaus conducting perfunctory investigations by translating detailed written disputes into two or three digit codes and paying foreign workers as little as $0.57 to process each dispute.

NCLC played a key role in the passage of the Fair and Accurate Credit Transactions Act of 2003, and will continue advocate for consumers to ensure that every American is treated with fairness by the credit reporting system.

Special Reports

Automated Injustice
How a Mechanized Dispute System Frustrates Consumers Seeking to Fix Errors in Their Credit Reports, Report and Press Release, Jan 2009

Full Utility Credit Reporting
- Presentation to National Association of Regulatory Utility Commissions, June 2010
- Risks to Low Income Consumers, Dec. 2009

Using Nontraditional Credit Information: Boon or Bane?
Do Alternative Credit Scores and Credit Reports Really Help Low-Income Consumers?, June 2009

Policy Analysis

Dodd-Frank Credit Score Disclosure
Consumer and Civil Rights Group Comments

Medical Debt Relief Act of 2009, H.R. 3421 (Kilroy)
Consumer Group Letter, July 26, 2010

Use of Credit Reports in Employment and Restoring Consumer Rights for Adverse Action Disclosures
Testimony regarding Use of Credit Information beyond Lending: Issues and Reform Proposals, May 12, 2010

Prevent Deceptive Marketing of Credit Reports
Consumer Group Comments, Dec. 2009

Policy Archive

Litigation

Amicus brief of NCLC and NACA in Carvalho v. Equifax
Full text

FCRA preemption and furnisher liability
Amicus Brief of NCLC and NACA in Gorman v. Wolpoff & Abramson case, April 2009

White v. Experian/TransUnion/Equifax
Class action lawsuit against TransUnion LLC, Experian Information Solutions, Inc., and Equifax Information Services LLC

Amicus Brief of NACA, NCLC and others defending statutory damages provision of FCRA against constitutional attack

Consumer Information

The Truth About Credit Reports & Credit Repair Companies
(English, Chinese, Korean, Russian, Spanish and Vietnamese)

Understanding Credit Scores
(English)

What You Should Know About Your Credit Report
(English)

Protect Yourself from Identity Theft
(English)

Related Publications

Fair Credit Reporting
All consumers are concerned about their credit reports, and no area of consumer litigation is growing faster. This edition includes FCRA analysis and integrates all FACTA changes.