Is Your Credit Reporting Telling The Truth About You

Is your credit report telling the truth about you? There is a very good chance that it does not. More than 100 million Americans have a credit profile with the three main credit bureaus and statistics show that upwards of 80% of those credit profiles contain some type of potentially serious error. About 77 million Americans have a debt in collections. 

Statistics show that the type of errors consumers may find may result in credit denials. 

-25$ of credit report errors may be serious enough to result in you being denied credit 
-54% of credit reports contain inaccurate demographic and identifying information about you 
-30% of credit reports contain inaccurate reporting information on credit accounts that have been closed by the consumer but are still reporting as open 
-22% of credit reports list the same account more than one time 
-8% of credit reports don’t list major credit, loan or mortgage accounts that could be used to show the credit worthiness of a consumer 

It is also important to understand that there may be a variance in your score from one bureau to another and the information contained on one credit report may not be found on another. 

An inaccurate credit report can cost you the consumer. Check your credit report at least once a year for mistakes, inaccuracies, misinformation and other errors in reporting and protecting your credit rating.