Thursday, December 10, 2009
Ignoring Credit Report Errors can be a High-Cost Mistake
Problems with your credit report can be the result of an error like a misspelled name or an outdated address, or something more serious, like someone else's debt appearing on your report either by accident or as a result of identity theft.
Whatever the cause, an error on a credit report can cost you in the form of higher interest rates, losing access to credit, or being viewed negatively by insurers or even employers.
Check your credit report annually to find if it contains errors. Request a copy of your credit report for free from each of the three major credit bureaus by first going to www.annualcreditreport.com, where you can link through to each bureau's site.
Since inaccurate information often appears on more than one credit report, you should contact all three credit reporting agencies to correct errors. The Fair Credit Reporting Act (FCRA) requires credit bureaus to work with consumers to correct inaccurate or incomplete information in their credit reports. The Federal Trade Commission (FTC) outlines the process for making corrections on its Website.
Read the article from Home & Family Finance on the topic of correcting credit report errors.