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DeWine: Credit Agency Errors Hurting Americans

Updated: Monday, February 11 2013, 08:31 PM EST
COLUMBUS -- One out of every five Americans has an error on their credit report-- and many may not even know it.
 
A new report says millions of those errors are critical, and could result in higher rates for loans and insurance. Even worse -- getting the errors corrected can be nearly impossible.
 
Ohio Attorney General Mike DeWine has opened an investigation into the credit reporting agencies, saying what they're doing is criminal.

"You know you've done nothing wrong," DeWine told ABC 6/FOX 28. "You pay your bills. Then you spend the next 5 to 6 years trying to get these people to fix the problem they created. It's infuriating."
 
DeWine says the credit reporting agencies Equifax, Transunion, and Experian have established a system that doesn't work, especially if you find a problem on your report and can document that the agencies made a mistake.

"It's clearly illegal what they're doing," DeWine said. "The law says if you have a complaint and you make that complaint to them, they must investigate.  What they do is not an investigation at all, not even close to an investigation."
 
If the credit agencies are refusing to answer your questions or correct mistakes on your reports, DeWine says you should call his office.
 
"If we call them on your behalf, they treat it much differently," he says. "They're scared of the attorney general's office.  If the AG calls, they get answers and fix the problem.  If Mary Smith out there calls, they don't pay any attention to her."
 
DeWine says there's ample evidence of wrongdoing, and he wants Congress to get answers from the agencies. He also says it's time to fix the Fair Credit Reporting Act, which regulates the credit reporting companies.

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Reporter: Terri Sullivan
Web Producer: Ken HinesDeWine: Credit Agency Errors Hurting Americans