FTC Reveals 1 in 5 Have Credit Report Errors

According to a recent report from the Federal Trade Commission (FTC), a shocking one in five people have errors on at least one of the three major credit reports (Experian, TransUnion, and Equifax). Because many consumers never pull up their credit reports on their own, these scores could present serious problems when trying to buy a home or make some other major purchase. If you’re dealing with credit debt, then you might be represented worse off than you actually are by your credit report.

Fighting a False Credit Report

The first step is awareness. It’s critical that you ask to see your credit report. You can pull a credit report from each of the big three institutions once a year free of charge. If you need to look at your credit report more often than that, then you’ll have to pay a fee. However, the fee is definitely worth it when you consider the cost of not knowing.

If you do see any errors with your credit report, then you need to get in touch with the credit bureau immediately. Because errors can sometimes take up to 60 days to be corrected, acting as soon as you notice a problem is essential.

Keep in mind that the credit bureaus do not share information about your credit report with one another. If you have an erroneous credit report with one bureau then this is definitely a good thing. However, you should still check with all three bureaus.