A recent study by the Federal Trade Commission found that one in five people had an error on at least one of their three credit reports. Mistakes on your credit report can lead to you paying more interest on the money you borrow because the credit reporting agencies may have deemed you more of a credit risk than you actually are.
Credit reports are very important because banks and insurance companies use the reports to determine your credit worthiness. Also, some employers pull your credit and analyze your credit report before they make hiring decisions. If your reports contain major errors, you’re likely to pay higher interest rates, or even be denied credit or the opportunity to refinance. Mistakes on your credit report may even cost you potential employment.
It is important to view your credit report at least once a year to make sure it is accurate. A reliable source to pull your report from is www.AnnualCreditReport.com.
Unfortunately if you do find a mistake, it may be hard to get that mistake corrected. According to a CBS report on 60 Minutes, consumers who were interviewed said it was almost impossible to get the credit reporting bureaus to correct mistakes on their reports. If you find that you have a mistake on your credit report, contact an attorney at Goldberg Law so that the proper steps to fix and correct your credit report can be taken.