PIRG studies show that about 1 in 3 credit reports contain serious errors.
Credit scores are nothing more than numerical versions of credit reports.
Mistakes in credit scores mean consumers either pay too much for credit or are denied credit. The best way to improve the accuracy of the credit scoring and reporting system is to give consumers free access to both their credit reports and credit scores. The credit score company Fair Isaac and the credit bureau Equifax shouldn't be praised for their new program disclosing credit scores for a fee, they should be criticized for the years they spent lobbying Congress and the Federal Trade Commission not to require that credit scores be disclosed as part of credit reports. The companies insultingly claimed consumers wouldn't understand credit scores. Actually, the only thing consumers wouldn't understand is why there were so many mistakes in their credit scores and credit reports.