When was the last time you checked your credit report? You may want to review it because according to new research, it may contain mistakes that could have a negative impact on your credit score.
According to a new watchdog report from Consumer Reports and WorkMoney, nearly half of all credit reports could contain errors. The consumer groups invited over 43-hundred U.S. adults to check their credit reports for accuracy to see how the three major credit agencies, Equifax, Experian and TransUnion, are doing. They found:
- A quarter of the participants were unable to access their credit reports, which are supposed to be available to everyone.
- Almost half (44%) of those who could read their reports found errors and 27% of the errors could potentially damage the person’s credit score.
Research by the U.S. Public Interest Research Group finds that credit agencies are the most common subject of complaints filed to the federal Consumer Financial Protection Bureau. They found complaints about credit reporting nearly doubled in one year, between 2021 and 2022. Most of the complaints are related to allegations of improper use of credit reports, errors or problems getting a credit agency to correct mistakes.
- Experts advise American consumers to read their credit reports, which should be available for free at AnnualCreditReport.com.
- Report any errors you find to any of the three credit bureau websites. You can also contact the company directly for errors on a specific account.
- If the credit bureau doesn’t fix the error, you can file a complaint with the Consumer Financial Protection Bureau.
Source: USA Today