January 3, 2007
Understanding Credit Score - Credit Report Errors
True or False?
Even though I pay my bills on time, I still have to check my credit report at least once a year?
True.
Errors on the credit report, especially errors indicating late payments or defaulted credit can severely affect a credit score. Most experts agree that errors in credit reports are very common. And some estimates have the error rate as high as 75%.
According to a July 2004 report by the US Public Interest Research Group, 25% of the reports contained errors that are serious enough to result in a denial of credit.
Remember, if you’re not working the system, it’s working you.
PapaJoe
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