Experts now say that as many as 70% of all credit reports contain errors. That means that there are 7 chances in 10 that yours does. But you knowing it’s an error won’t help you at all if you’re turned down for a loan based on credit scores that have fallen as a result of errors. You see, the creditors report to the credit bureaus, but you’re the one that’s responsible for the accuracy of those reports. It doesn’t seem quite fair, but that’s the way it is. This was a real problem in the days when consumers weren’t allowed to see their own credit reports or credit scores. You didn’t find out you had a problem until a mortgage lender or a car dealership took your money for a credit report and then told you “Sorry, your scores are too low.” Now that we all have access to our reports, life can be easier, but only if we take advantage of that access and keep an eye on what’s being reported about us. Every consumer is now entitled to a free report from each of the credit bureaus once each year. These reports are good, because they’ll alert you to mistakes, but they… Read full this story
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