Your Legal Rights: Study shows 1 in 5 have credit report errors

By | Feb 24, 2013

Your Legal Rights: Study shows 1 in 5 have credit report errors
News from Alexandria Echo Press:

Editor’s note: The following is a “Your Legal Rights” column provided by the Office of Minnesota Attorney General Lori Swanson.

One out of five people have errors on their credit report, according to a new study released on February 11, 2013 by the Federal Trade Commission. Even worse, for five percent of people, the errors were serious enough to change their credit risk classification, making it more

expensive to borrow money.

What is a credit report? The major credit bureaus have compiled credit reports on virtually

every American adult. Credit reports include information about a person’s account and

repayment history. Information in a credit report impacts how much a person pays for loans

and other credit and sometimes whether a person can get credit. Insurance companies often use

the information in a person’s credit report to determine how much to charge for automobile and

homeowner’s insurance. Some employers and landlords also access credit reports to determine

whether to give a person a job or rent an apartment. For these reasons, it is important that the

information in a person’s credit report be accurate.

Order your free credit report from the right place.

People should periodically review their credit report to make sure it is accurate, complete, and

mistake-free and t…………… continues on Alexandria Echo Press

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.

Related News:

40 Million Mistakes: Is your credit report accurate?
News from CBS News:

The following script is from “40 Million Mistakes” which aired on Feb. 10, 2013. Steve Kroft is the correspondent. James Jacoby and Michael Karzis, producers.

60 Minutes Overtime

The ONE thing to know about your credit report »

Whether we like it or not, we live in an age where much of what goes on in our daily lives is monitored, collected and sold to interested parties — our driving records, our medical history, our Internet traffic and, most importantly, our credit information.

A mistake on your credit report can cost you money. It can increase the interest you pay on loans, prevent you from getting a mortgage or buying a car, landing a job or getting a security clearance. Its not uncommon. A new government study to be released tomorrow indicates as many as 40 million Americans have a mistake on their credit report. Twenty million have significant mistakes.

And our own investigation of the credit re…………… continues on CBS News

… Read the full article


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