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Resource ID: #26155
Subject: Finance
Source: CBS News 60 Minutes
Date: 2013-02-10



60 Minutes set-out to investigate the consumer credit reporting industry, a four-billion-dollar-a-year industry which keeps files in our financial reputations. The credit reporting agencies collect data about consumers from credit card companies, banks, car dealerships, collection agencies and court records; they collate the data and create credit reports which they sell to businesses that use the reports to judge our creditworthiness and reliability. An error on a credit report can cost consumers a lot of money and a lot of hardship; an error can increase the interest rate on loans; prevent someone from getting a mortgage or buying a car, landing a job or gaining security clearance.

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