(KRNV & MyNews4.com) -- The Federal Trade Commission released a report today saying 26 percent of American consumers had a material error on at least one of their three credit reports.
The FTC also says five percent of the consumers in the study had an error that, when corrected, placed them in a different credit risk tier and could result in paying a lower interest rate on their loans.
This was an eight-year study by the FTC which involved 1,001 consumers and reviewed 2,968 credit reports.
The report showed that consumers can get these errors reversed.
Consumers can receive one free credit report from each of the three credit reporting agencies--Experian, TransUnion and Equifax--every year at AnnualCreditReport.com.