Question

Whose responsibility is it to identify credit report errors?

Answer 1

The responsibility of identifying credit report errors falls on the individual. They should regularly review their credit reports and take action to dispute any inaccuracies or errors.

Step-by-step explanation:

The responsibility of identifying credit report errors lies with the individual. It is important for individuals to regularly check their credit reports and review them for any inaccuracies or errors.

One example of a credit report error is if a person's credit report shows a late payment that was actually made on time. In such cases, the individual should contact the credit reporting agency to dispute the error and provide supporting documentation if necessary. Another example is if a person's identity has been compromised and there are accounts or transactions on the credit report that he/she did not authorize. In this case, the individual should report the fraud to the credit reporting agency and take steps to protect their identity.

Answer 2

The credit bureaus and the company reporting your pay history, the information furnisher are two bodies responsible for the information in your credit report. The account information from the credit bureau can only be as accurate as the information it is provided by the information furnisher.