Did you know five percent of consumers had errors on their credit reports that could result in less favorable terms for loans?

According to a Federal Trade Commission study of the U.S. credit reporting industry found that five percent of consumers had errors on one of their three major credit reports that could lead to them paying more for products such as auto loans and insurance.  The report continues to states the congressionally mandated study on credit report accuracy found that one in five consumers had an error on at least one of their three credit reports.