Errors on credit reports happen more often than you may think, and they can mean big consequences. You can check your credit report every week for free.
Getting turned down for a loan? Paying higher interest rates? It could be due to mistakes on your credit report. And the negative consequences don’t stop there.
“A credit report is like an X-ray into a person’s finances! And having incorrect information on that report can stop a person from getting credit or a loan, renting an apartment, getting a good rate on your insurance, or even getting a job,” said Consumer Reports’ Lisa Gill.AnnualCreditReport.comIf you do end up finding an error, fix it right away. You’ll want to file a dispute with each of the three credit bureaus: Equifax, Experian and TransUnion.
It’s something Nestor Vargas had to do. Back when he was in college, he got a surprise trying to buy a car. Vargas is now a financial planner and says to make it easy for yourself by checking your credit report often.
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