Errors are common on credit reports

Credit reports
Almost 6,000 people participated in the Credit Check Survey of the prestigious polling company

By Manuel Tovar, July 28 – Hispanic Solutions Group

According to the results of a unique survey carried out by a prestigious specialized company and published recently, it found that errors in the credit reports they are a frequent problem.

Nearly 6,000 people participated in the prestigious polling company’s Credit Check Survey, looking for errors in their credit files earlier this year. The key findings are:

  • 34% found at least one error.
  • 11% said the error was serious and related to account information, something that could lower their credit score.

“Certainly big or small mistakes can be on people’s credit reports, and people should correct them. Why it could affect their financial life,” said one expert, a policy analyst who led that project. “Incorrect information in a person’s credit file can hurt their credit score, and a low credit score or bad credit history can prevent people from having affordable credit.”

A blemish on your credit file due to an error could make it more difficult to qualify for a mortgage or result in a higher interest rate being charged.

The credit reporting industry challenges the survey results.

“Imagine what would happen to the banking system if we had so many mistakes. It’s just not true,” said the president and CEO of a prestigious specialty company, which represents large and small credit reporting agencies.

In summary: you can, and should, check your credit files in some specialized companies such as TransUnion, and look for errors. We recommend you read our article on “What do you look for in a credit report?”

We invite you to follow our social networks: LinkendIn, Facebook, Twitter and Instagram to find more information related to finances. Also on our YouTube channel The Credit Channel to learn how to improve your credit. If you need help in repairing your credit, disputing debts that do not belong to you, or other services, call us at (612) 216-1599.