Your credit can be permanently ruined by errors on the credit report. Something that seems small, such as a payment incorrectly reported as late or missing can make a big difference in your ability to the best possible rates on financial products like home and car loans. It is very important to try to fix a mistake as soon as possible to prevent the consequences of a blemish on your credit record.
The mistake usually happens when a creditor sends incorrect information to one or more of the credit bureaus-Equifax, Experian, and TransUnion. Mistakes can also happen when debt is sold as part of the collections process.
Some mistakes are minor, like a wrong address of phone number. Other mistakes can be more problematic, like an account incorrectly reported as late or delinquent, or a balance error. There are even cases where files get missed up with another person’s based on similar names and Social Security numbers.
Mistakes on credit reports hurt your credit score. A poor credit score can make loans and insurance more expensive and even make it difficult to rent an apartment.
Federal law allows consumers to get a fee credit report at annulacreditreport.com and request a downloadable copy from each agency. Until April 20, 2022, consulmers can get free WEEKLY online reports. After that, one every 12 months from each of the agencies.
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