11:45 am February 12, 2013, by Christopher Seward
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When was the last time you looked at your credit report? Was there a mistake that affected your credit score and stood in the way of your financing a major purchase or getting a favorable interest rate?
The Federal Trade Commission reports one in four consumers find an error on a credit report issued by one of the three major reporting agencies — Equifax, Experian and TransUnion. The overall conclusion, however, is that reports are “highly accurate,” according to an Associated Press item on the FTC study.
That’s little consolation if you’ve been the victim of, say, identity theft and your credit has been wrecked and it’s showing up on your report. Or if you’re finally caught up on debts now that you’re working again but your report still has vestiges of your former credit crisis. Or if you’ve been denied a job because an error showed up on your report that spooked a potential employer.
Surprisingly, the FTC found that only 20 percent of consumers who disputed an error on their report saw it corrected by a reporting agency and only 10 percent saw their credit score changed, according to the AP.
How accurate is your credit report? Are there past-due entries that don’t belong to you? Charge-offs that should have been removed? How much trouble did you have – or are you having – getting the credit reporting agencies to correct the mistakes?
Just a reminder, consumers are entitled to a free copy of their credit report each year from each of the three major reporting agencies.
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