Do you have errors on your credit report?
A new study done by the Federal Trade Commission on the United States credit reporting industry revealed that 5% of consumers had incorrect credit reports from three major credit reporting agencies. These mistakes could lead to consumers paying more for products such as auto loans and insurance. It was shown that one in four consumers had errors on their credit report that could affect their credit scores. One in five consumers had an error that was fixed by a credit reporting agency after it was disputed. The study found one consumer had a maximum credit score change of more than 100 points after reviewing mistakes made.
In light of this study, consumers should access their credit report and ensure that their spending and payment history is accurate. Consumers can check their credit for free without affecting their score at annualcreditreport.com.
You should also read our earlier post: How to raise your credit score for free!
Call The Law Firm of Vaughn & Weber, PLLC, at 516-858-2620, if you would like us to assist you with disputing items on your credit report or taking action against any of the credit bureaus.
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