"Consumers disputed up to 38 million items on their consumer credit reports last year at the three largest consumer reporting agencies, according to a report released Thursday by the Consumer Financial Protection Bureau," writes American Banker's Rachel Witkowski.

"Credit reporting is a critical market at the heart of our lending systems," CFPB Director Richard Cordray said in a press call Wednesday. "Given its enormity, given its influence over people's lives and given its wide impact on our overall economy, you can see that there is much at stake in ensuring that it works properly for consumers."

Accurate credit information is critical because companies use these credit reports when a consumer applies for a loan, apartment or employment. The CFPB cautioned that their study has not yet been verified by its supervisory authorities and inaccuracies could be present in credit reports since there are conflicting reports.

For the full piece see "CFPB Releases Massive Study on Credit Reports" (may require subscription).