Many Credit Reports Contain Incorrect And Outdated Information

Many Credit Reports Contain Incorrect And Outdated Information

Many Credit Reports Contain Incorrect And Outdated Information

Credit Reports Have Many Errors According To New Survey

With so many Americans suffering from the “credit score blues”, a new study that determined that 22 percent of Americans surveyed admitted that they have never checked their credit report seems all the more timely.

The survey (from FindLaw.com) concluded that nearly one quarter said that they found issues with their credit report, that it contained incorrect or outdated negative marks as the main problem.

More specifically, 23 percent of Americans mentioned that they have had a problem with their credit report and 10 percent of problems involved incorrect or outdated information, such as delinquency payments, payment history, collection actions, court judgments, and bankruptcies.

At 9 percent, the report revealed that incorrect or outdated personal information, such as one’s address, marital status, and work history. Other issues commonly reported included identity theft or credit information getting mixed up with someone else’s (5 percent), as well as incorrectly reported low credit scores (3 percent).

Another 4 percent said they have been denied credit because of incorrect information on their credit report.

With so many Americans suffering from low credit scores due to short sales, late mortgage payments and bankruptcies, we find it disturbing that such a high percentage of Americans do not take the effort to do their due diligence when it comes to checking and, if necessary, challenging their scores.

Website To Check Credit Reports For Free

A good way to check the report is to use AnnualCreditReport.com which offers three free credit reports per year. Consumers who would like to get the actual credit score need to pay a nominal fee.

Credit scores have a huge impact on a person’s ability to obtain a mortgage, credit card, auto loan or other credit, as well as renting an apartment.

Although credit report problems appear to be fairly common, the survey found 68 percent of people who did encounter an issue reported that the credit reporting agencies corrected the problem to their satisfaction, while 18 percent mentioned that they did not fix the issue.

For those who had more than one issue, 14 percent said they were able to get at least one issue resolved.

Anyone concerned about a low credit score and would like an insider tip about to increase the score in a short time period then please contact us and we will send you an “insider tip.”

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3 Comments

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3 responses to “Many Credit Reports Contain Incorrect And Outdated Information

  1. An article worthy to read since it will help consumers about information of their credit reports.

  2. Spot on with this write-up, I absolutely believe that this web site needs a great deal more attention.
    I’ll probably be back again to see more, thanks for the advice!

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