NASHVILLE, Tenn. (WTVF) — Imagine being turned down for a loan or paying higher interest rates due to errors on your credit report. You may think there's nothing you can do about it.
This happens more often than you might think and the negative consequences don’t stop there. Checking the accuracy of your credit report is pretty easy to do.
Credit report errors are the top consumer issue filed to the Consumer Financial Protection Bureau! And the problem is getting worse, with complaints more than doubling in just two years.
Common errors include inaccurate personal information, duplicate accounts, closed accounts reported as open and paid-off debt appearing as unpaid.
“A credit report is like an x-ray into a person’s finances," said Consumer Reports Investigative Reporter Lisa Gill. "And having incorrect information on that report can stop a person from getting credit or a loan, renting an apartment, getting a good rate on your insurance, or even getting a job.”
You can get your credit report for free, every week, from each of the major bureaus at AnnualCreditReport.com.
If you do end up finding an error, fix it right away.
“You’ll want to file a dispute with each of the three credit bureaus, Equifax, Experian, and TransUnion," explained Gill. "Include all the evidence you have, like account statements and payment records. Create a paper trail by writing a detailed letter of explanation, and send all of these via certified mail and keep copies for yourself.”
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-Rebecca Schleicher
