How Common are Credit Report Errors? A New Study Says “Very.”

<img src=https://s3.us-east-2.amazonaws.com/dcr-apis/wp_contents/uploads/DCR-ADMIN/credit%20report.jpeg alt=undefined style=height: auto;width: auto/> When was the last time you checked your credit report? I used to review mine every year but fell out of the habit. A few months ago, I made a spur-of-the-moment decision to open a retail credit card account to get a generous discount. To my surprise, my application was turned down! This had never happened to me before.  When I looked at my credit reports, I found a number of errors and was reminded that I had placed a credit freeze with one credit bureau after my card was stolen. I eventually straightened things out with all three credit reporting agencies (Equifax, TransUnion and Experian) and my request was approved. According to <a href=https://advocacy.consumerreports.org/research/credit-checkup-improving-the-accuracy-of-credit-reports/ target=_self>a recent study</a>, about half of all credit reports contain errors, and of those, almost 30% of the mistakes were potentially damaging to the person’s credit. For example, people with lower credit scores might be charged higher interest rates for loans. Consumers in the study reported that their files showed accounts they didn’t recognize, late and missed payments, debt collection notices, incorrect addresses, and misspelled names. You should look at your credit reports once a year—remember, it’s free. You can access them at <a href=https://www.annualcreditreport.com/index.action target=_self>annualcreditreport.com</a>. If you find any errors, you can report them to any of the three credit bureau websites and have them corrected.  <a href=https://www.diamondcertified.org/ target=_self>Use Diamond Certified Resource to find top rated companies.</a> Related Articles <a href=https://www.diamondcertified.org/Guide/Savvy-Consumer/ target=_self>Your Guide to Being a Savvy Consumer</a> <a href=https://www.diamondcertified.org/find-expert-advice/ target=_self>Get Expert Advice From Owners of Top</a> <a href=https://www.diamondcertified.org/find-expert-advice/ target=_self>Rated Local Companies</a> <a href=https://www.diamondcertified.org/membership/ target=_self>Become a Diamond Certified Preferred Member (Always Free)</a>