Errors on credit reports causing problems? - KNOE 8 News; KNOE-TV; KNOE.com |

Errors on credit reports causing problems?

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MONROE, La., (KNOE 8 News) - The problem is that errors in your credit report could result in higher interest rates on any loans you want, and worse could actually cause you to lose your ability to even get loans or credit.

A Federal Trade Commission study of the U.S. credit reporting industry found that five percent of consumers had errors on one of their three major credit reports that could lead to them paying more for products such as auto loans and insurance.

Overall, the congressionally mandated study on credit report accuracy found that one in five consumers had an error on at least one of their three credit reports.

"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."

The study, in which participants were encouraged to use the Fair Credit Reporting Act (FCRA) process to resolve any potential credit report errors, also found that:

One in four consumers identified errors on their credit reports that might affect their credit scores;

One in five consumers had an error that was corrected by a credit reporting agency (CRA) after it was disputed, on at least one of their three credit reports;

Four out of five consumers who filed disputes experienced some modification to their credit report;

Slightly more than one in 10 consumers saw a change in their credit score after the CRAs modified errors on their credit report; and

Approximately one in 20 consumers had a maximum score change of more than 25 points and only one in 250 consumers had a maximum score change of more than 100 points.

Your bank, credit union or the local Better Business Bureau is a good place to start, to find the best and least expensive ways to check your credit rating.

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