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Credit Report Errors Not So Common

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A new report from the Policy and Economic Research Council (PERC), a non-profit, non-partisan organization, found that credit report errors aren’t all that common, despite what some companies may have you believe.

While we won’t name names, it’s all too common to see a commercial on television these days telling you how important your credit score is, and why you must check it constantly.

But just 0.93% of credit reports examined had one or more disputed errors that resulted in a credit score 25 or more points higher.

In fact, of the 81,238 credit tradelines covered by the report, only 435, or less than one percent (0.54%), contained information that was disputed.

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Silver Lining

Despite that seemingly somber news (or good news, depending on how you look at it), 95 percent of consumers who disputed information on their credit report said they were satisfied with the outcome.

In other words, it doesn’t hurt to check your credit report for inaccuracies. Just don’t expect the world to change because of it.

However, it is worth noting that a credit score swing of 25 points could be the difference between a good and bad credit score.

And those with credit scores even 5-10 points higher could benefit from lower interest rates on all types of loans, including mortgages, auto loans/leases, and even insurance (insurance score).

So be sure to keep an eye on things, as mistakes do happen, per this report.

(photo: thetruthabout, CC)

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