What I wonder is if the following video is really correct:
It's also useful to the link for the Federal Trade Commission (FTC) that stands behind the CBS story, here. An FTC study found that 5% of consumers had errors on their credit reports serious enough to affect their terms on loans. Over 42 million reports (about 13%) had some errors. And the study has apparently found that correcting errors is very difficult. I will have to look and see whether Macy's "bait and deny" trick could be based on wrong information (Jan. 23, 2013). In addition to less favorable loans, consumers could lose out on discounts.
Some employers and lenders feel that only consumers and employees (that is, individuals) can take "absolute responsibility" for their own records.