COLUMBUS, Ohio (NBC News Channel) -- An Ohio newspaper is reporting that Americans are all but powerless to correct damaging information in their credit reports. They say it's because of loopholes and obstacles in the federal law governing credit-reporting agencies.
The Columbus Dispatch analyzed nearly 30,000 complaints filed with the Federal Trade Commission over a 30-month period. The report found that consumers were unable to get even obvious mistakes such as wrong names and birthdates corrected.
Wrong information impacts qualifying for credit, interest rates, and amounts that may be borrowed.