Israel, Rice Report Big Increase in Credit Report Errors

By | Feb 22, 2013

Israel, Rice Report Big Increase in Credit Report Errors
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Rep. Steve Israel, D-Huntington, and Nassau County District Attorney Kathleen Rice say there has been a sharp increase in credit report errors and tax identity theft.

In a press conference at the Bethpage Federal Credit Union Friday, Israel and Rice offered tips to keep consumers safee during tax season. According to a recent study, one in four had at least one potentially material error. Also, in the first nine months of 2012 alone, the IRS identified almost 642,000 incidents of tax identity theft.

“The prevalence of credit report errors and tax identity theft is staggering,” Israel said. “While many believe that it could never happen to them, the statistics show otherwise.”

Israel and urged local residents to be aware and take steps to reduce their risk.

“I am also calling on the

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Limiting mistakes on your credit report
News from WMC-TV:

On an Action News 5 report last week, Andy reported that negative information stays on your credit report for seven years. Bankruptcies stay on your report even longer:  up to ten years.

That’s why now is the time to review your credit report and not wait until something pops up. Odysseas Papadimitriou, CEO of the credit card comparison site, offered these tips for limiting errors on your credit report:

* REVIEW YOUR CREDIT REPORTS QUARTERLY. “We’re all entitled to a free copy of each of our major credit reports once every 12 months,” said Papadimitriou. “Look at one report each quarter.”

Scan your reports for open lines of credit you’re not losing or have closed, addresses where you never lived and unfamiliar credit inquiries.

“It’s also important to note that there’s no need to order your credit score,” Papadimitriou said. “Not only do lenders all use proprietary credit scoring models, but the hundreds of scores out there are all based first and foremost on your credit report information.

“If your credit report is right, your credit scores will be, too.”


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