Remember that companies voluntarily file information with a credit bureau and clerical errors may creep in.
He cites another possible example, in which an advertising company purchases a credit bureau, which then sells that information to an insurance Web site.
Sony suggests that those users watch out for spam and ask a credit bureau like Transperian or Equifax to place a fraud alert on their accounts.
Azteca has an 18% stake in a credit bureau with credit histories on 26 million low-income people, and it now offers auto loans, savings accounts, pension funds and insurance.
Citigroup has begun notifying some 3.9 million U.S. customers that computer tapes containing information about their accounts have been lost by United Parcel Service (nyse: UPS - news - people ) while in transit to a credit bureau.
The U.S. Federal Trade Commission's settlement with a major credit bureau that hit consumers with charges after promising a free credit report is a victory for all those who don't read the small print.
During a week where markets fluctuated as much as 5%, when a major credit rating bureau downgraded the value of U.S. debt, when consumer confidence fell to its lowest level in 31 years, it was reported that, for at least one fleeting moment, Apple was the most valuable company in America.
Poland, it is true, has had a western-style credit bureau since 1999, and the Czech Republic is setting one up, but these will be little use until borrowers build up a credit history.
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Entrants to the consumer-finance business are soon expected to gain access to valuable data when Terranet, a new industry-run credit bureau, is set up next month (assuming blocking efforts by Takefuji, the industry leader, which claims that it might be illegal to disclose some data, fail).
If so, it's generally not a concern, but inform the credit bureau if you're disputing an entry directly related to how you pay your bills.
Lewis Perling, a defense attorney for the Atlanta-based credit bureau, declined to comment on the litigation.
According to a study last year by TransUnion, another credit bureau, consumers in the latest recession were more likely to keep up with their car payments than other forms of debt, like credit cards or mortgages.
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Fifty-one percent of student loans were in deferment, forbearance or belonged to students still in school as of March 2012, up from 44.3% a year prior, according to data released by credit bureau TransUnion earlier this year.
WSJ: Weighing Merits of Loan Deferments Today to Keep Defaults Away
Instead, the FTC recommends writing a letter and sending it and copies of supporting documents via certified mail to the credit bureau.
The Bureau has also begun to oversee the credit reporting industry, implementing a federal law that requires such companies to remove or correct inaccurate, incomplete, or unverifiable information within 30 days of being notified.
In a recent study, the Consumer Financial Protection Bureau looked at scores based on 200, 000 credit reports to evaluate the differences between FICO and Vantage scores, as well as scores typically provided to consumers and those sold to lenders.
But a recent study by the Consumer Financial Protection Bureau found that only less than 20 percent of consumers check their credit report each year.
The new consumer bureau is based on a pretty simple idea: people ought to be able to read their credit card and mortgage contracts and know the deal.
FORBES: Elizabeth Warren To Oversee New Consumer Protection Agency
The newly established Consumer Financial Protection Bureau has a wide-ranging mandate and broad powers for investigating and regulating things like checking accounts, credit cards, and education and home loans.
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