:: 4 Out Of 5 Credit Reports Have Errors
CBS News reported that almost 80 percent of credit reports contain mistakes and errors. Find out if your credit report have errors and how to take care of it.
CBS news reported that almost 80 percent of all credit reports contain mistakes. This is exactly why you need to get a free copy of your credit report each and every year.
According to a study conducted by the National Association of State Public Interest Research Groups, 79 percent of all credit reports contain some type of error and 25 percent of all credit reports contain errors so serious that you could be denied credit if you are one of these individuals with these error-filled credit report.
But wait... There's More...
Here is a clip from the article from cbsnews.com
54 percent of all credit reports contained inaccurate personal information such as misspelled names, wrong Social Security numbers, inaccurate birth dates, inaccurate information about a spouse and out of date address. For example, one credit report listed a man's business partner as his spouse.
30 percent of credit reports listed "closed" accounts as "open." For example, listing a student loan that was paid off years ago as still outstanding. Another report listed several credit cards, a mortgage and an auto loan all as open.
22 percent of credit reports had the same mortgage or loan listed twice. This mistake often occurs when loans are serviced or sold.
8 percent of credit reports simply didn't list major credit, loan, mortgage or other accounts that could be used to demonstrate the creditworthiness of a consumer.
Errors on your credit report can really hurt you...
If you have these errors on your credit report, they can create the appearance that you have "too much" credit available, your credit over-extended, or you haven't been a responsible payer of your obligations.
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