Bureau to help consumers correct mistakes in credit report

KANSAS CITY, Mo. - Each year, thousands of people find errors in their credit reports that can cause them problems. Now, consumers can get help correcting these mistakes. 

The Consumer Financial Protection Bureau is supervising large credit reporting companies like Experian, Equifax and Transunion to make sure these complaints get resolved.

A recent study found that 79 percent of all credit reports have some type of error. A bad credit report can affect several areas of one's life.

"Bad credit can bar people from getting a job, cost them more money on car loans and home loans or even block them from borrowing money at all,” said Richard Cordray with the Consumer Finance Protection Bureau. 

Some credit reporting companies say they have "highly accurate" information, including Transunion and Experian. Transunion released a statement saying “our goals are to continually improve our processes.”

The bureau was created as a result of the Consumer Protection Act of 2010, but those with issues on credit reports must still attempt to resolve it directly with the credit reporting companies before going to the CFPB for help.