The University of Missouri-St. Louis received a $1.13 million grant from the Federal Trade Commission to examine the accuracy of information kept by the major U.S. credit reporting agencies.
A key goal behind the study is to provide information about the workings of the Fair Credit Reporting Act's dispute resolution process. The act gives consumers the right to correct errors and block access to their personal records.
Researchers from the school's Center for Business and Industrial Studies department also will learn information about credit usage and payment behavior to help them review ways to educate consumers about using credit responsibly.
The school will work with the University of Arizona in Tucson, Fair Isaac Corporation (FICO) and the Federal Trade Commission. A timeline for completing the study has not been set.