Five percent of U.S. consumers have an error on their credit report that "could lead to them paying more for products such as auto loans and insurance," the Federal Trade Commission said Monday, as it issued a long-awaited study of credit report accuracy.

"These are eye-opening numbers for American consumers," said Howard Shelanski, director of the FTC's Bureau of Economics. "The results of this first-of-its-kind study make it clear that consumers should check their credit reports regularly. If they don't, they are potentially putting their pocketbooks at risk."

The trade group for the nation's credit reporting agencies issued a swift response challenging the agency's interpretation, saying the study shows credit reports are "highly accurate."