Ashley Cole's statement supporting Terry's version, and the role played by a Chelsea club official, has also been questioned by the commission.
The commission found that there were discrepancies in Cole's initial statement to FA interviewers of what he heard Ferdinand say to Terry compared to later statements.
Cole did not mention the word 'black' in the initial interview with the FA on October 28. On November 3, Chelsea club secretary David Barnard asked the FA for the specific word 'black' to be inserted into Cole's witness statement, suggesting that Cole may have heard Ferdinand use the term.
Ferdinand had suffered "hateful abuse" as a result of the case but had acted with dignity, said the report.
The commission stated: "The victim impact statement of Mr Ferdinand makes it plain that he has been badly affected by the incident. He has been the subject of hateful abuse and adverse comments, but has acted with restraint and dignity."
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Terry's ban is half the length of the eight-match suspension Liverpool's Luis Suarez was given for racially abusing Manchester United defender Patrice Evra last season.
The difference between the cases, according to the report, is that "Mr Terry's racist insult was issued only once" whereas Suarez was found guilty of repeating his.
And the Commission's findings made it clear "it is accepted by everyone involved in the criminal and disciplinary proceedings that Mr Terry is not a racist."