In 2013, the Federal Trade Commission said that one in four consumers reported errors on their credit reports that might affect their credit score. In his segment, Oliver also criticized a Consumer Data Industry Association (CDIA) report that celebrated the fact that 95% of credit reports in the US were unaffected by inaccurate credit scores—Oliver noted that the remaining 5% of the US population is about 10 million people.

Quartz has reached out to the CDIA for comment.

The show asserts that credit reporting agencies like Equifax, Transunion, and Experian want employers to start using credit reports in hiring decisions, as a measure to determine trustworthiness.

While credit scores are important, their outdated methods have given rise to an entire industry focused on making lending decisions without them. Instead of using traditional scoring metrics to determine your creditworthiness, some startups are instead looking at consumers’ profiles on social-media sites such as LinkedIn, and other factors, including education and job history, or monthly expenses.

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