How Credit Errors Hurt You

Whether you like it or not, there's a good chance your credit report contains errors or unverified information about your financial history. Are all of these errors damaging? It's difficult to say the exact effect that each one may have, but it is safe to say that they carry great risk.

For instance, you likely have the same exact name or something very similar as someone else in the country and a simple mistake by a credit bureau could lead to some of that person's information appearing on your credit report. Now if that person happens to have some delinquent accounts or has recently filed for bankruptcy, your credit score will suffer mightily. Your interest rates will spike and you'll find yourself being denied for credit. Obviously, you shouldn't have to suffer for sloppy reporting by the credit bureau, but they probably won't do anything to fix it, making it your responsibility.

Don't let a simple mistake ruin your good name. With credit report guidelines and our help, you can repair any errors on your credit report today.

Recent Statistics

While it's clear that mistakes on your credit report can severely damage your score, it's uncertain just how many people have errors in theirs. The data from a recent survey shows frightening results concerning the accuracy of credit reports.

• It was recently estimated that nearly 80% of all credit reports contain a mistake of some kind.
• At least 25% of the reports had errors that would definitely result in the denial of a loan application.
• Over half of a group of surveyed credit reports contained identifying information that was misspelled, severely outdated, belonged to another person, or was incorrect in some other form.
• Almost a quarter of the reports surveyed listed the same mortgage or loan more than once.
• Close to 10% of the credit reports were missing an important loan or account that would have improved the consumer's credit score.

Find additional credit score information here.