Your credit report says loads about you. Are you a dependable bill payer? Does the amount you have outstanding in bills mean you might not be a good credit risk? Have you been sued? Useful information for creditors seeking to potentially extend credit to you. So, don’t you want the information on your credit report to be accurate? It may not be accurate, according to a recent government study.
The Federal Trade Commission’s report found one in four consumers had errors on their credit reports that might affect their credit scores. These errors could either prevent them from getting credit or raise the rates the consumers paid for credit.
These are eye-opening numbers for American consumers,” said Howard Shelanski, Director of the FTC’s Bureau of Economics. “The results of this first-of-its-kind study make it clear that consumers should check their credit reports regularly. If they don’t, they are potentially putting their pocketbooks at risk.