Common errors to look out for on credit reports – About Your Online Magazine

(WTNH) – It may be time to look closely at this credit report. InsuranceNewsNet says that in 2020, complaints about credit reports skyrocketed, accounting for more than 50% of all complaints to the Consumer Financial Protection Bureau.

To remember, errors in a credit report it can hurt your credit score and generate higher interest rates and even impact whether you can make a big purchase, like a house or a car.

So, here’s what you should be looking for. Common mistakes include:

  • Accounts or loans that have been paid but appear as unpaid
  • Individual loans listed multiple times
  • Debts incorrectly reported to collections

InsuranceNewsNet says that part of the problem stems from companies reporting incorrectly postponements in the pandemic.

Just don’t wait too long, as credit report errors can cause lasting damage to your finances.

It is suggested that you get in the habit of requesting a free credit report regularly throughout the year. The main agencies – Experian, Equifax and Transunion – do not communicate with each other, so you can contact each one.

Paula Fonseca