Have you looked at your credit report lately? You may be in the 20% of consumers who had errors on one of their three major credit reports according to a recent study conducted by the FTC. These aren’t misspelling or incorrect address errors. These are errors in information used to calculate your credit score which means you could be paying more for auto loans, mortgages, and insurance.
After correcting the errors, about 5 % of consumers had a credit score change of more than 25 points and only one in 250 had a score change of more than 100 points. 5% may not seem like much, but 5% of people across the U.S. means several million consumers might be paying more for their loans, mortgages, and insurance.
As quoted in the FTC Press Release, Howard Shelanski, Director of the FTC Bureau of Economics said, “These are eye-opening numbers for American consumers. The results of this first-of-its-kind study make it clear that consumers should check their credit reports regularly. If they don’t, they are potentially putting their pocketbooks at risk.”
Your BBB encourages you to send for your free annual credit report. You may send for your report from all three credit bureaus at the same time, or you can space them out and order from one credit bureau around the beginning of the year, from the second bureau four months later, and the third bureau four months after that. The number to call for your free annual credit report is 877.322.8228 or you can go to the website at www.annualcreditreport.com.
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