Errors on Credit Reports May Surprise Some Consumers

A credit report is usually pulled when buying a car. What's on that report may surprise many consumers, says Denise Richardson, author of the book Give Me Back My Credit! One in four people have mistakes on their credit report, according to a study by U.S. Public Interest Research Groups. These mistakes have cost jobs, led to rejected loans and hurt many consumers. Credit is connected to our lives

A credit report is usually pulled when buying a car. What's on that report may surprise many consumers, says Denise Richardson, author of the book Give Me Back My Credit!

One in four people have mistakes on their credit report, according to a study by U.S. Public Interest Research Groups. These mistakes have cost jobs, led to rejected loans and hurt many consumers.

“Credit is connected to our lives in every area and our scores determine our interest rates, insurance premiums and very livelihoods,” says Richardson.

She adds: “Consumers need all the power they can get in order to protect their money and good name. Without this all-important knowledge, consumers are wide open to an array of problems.”

Richardson wrote her book after a long battle to correct her credit report.

She offers advice for others going through similar situations. Here are five key problems to look for in credit reports, she says:

  1. The dates of derogatory notations. Dates affect the length of time things can be reported in your file.
  2. The accuracy of the status of open and closed accounts.
  3. Accounts paid off that have not been properly closed.
  4. Frivolous disputes or bad referrals from private firms that are not on subscriber contracts with the credit bureaus.
  5. Any inaccurate data on any issue identified.
TAGS: Dealers F & I
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