How it works
What Does Your Credit Report Say About You?
We see every day the importance of an individual’s credit score. Credit scores affect every aspect of our financial lives – qualification for loans, the interest rates we pay, employment opportunities, and even insurance premiums. The information reported by the credit bureaus about you impacts almost every part of your financial life. Undoubtedly, a consumer’s credit score has become one of the single most important criteria reviewed and considered by today’s lenders and potential employers.
Can You Rely On the Information In Your Credit Report?
Probably not. Credit scores are based upon information reported on a consumer’s credit profile. The 3 main credit bureaus maintain credit profiles on more than 100 million Americans. Unfortunately, statistics show that approximately 3 out of every 4 credit profiles contain potentially serious errors. Here are some alarming statistics about credit reports:
- 79% of credit reports contain some type of error.
- 25% of all credit reports contain errors serious enough to result in the denial of credit.
- 29% of consumers have variances of 50 points or more in their credit scores as reported by each of the three major credit bureaus.
- 54% of credit reports contain personal demographic identifying information that was misspelled, long-outdated, belonged to a stranger, or was otherwise incorrect
- 30% of credit reports contain credit accounts that had been closed by the consumer but incorrectly remained listed as open.
These errors are costing consumers billions of dollars in unnecessary costs. How much does inefficient and inaccurate reporting cost you?
Not Happy About What You See On Your Credit Report?
You’re not alone. Unfortunately, few consumers fully understand what constitutes a correctable error on a credit profile. Many are busy with everyday life – raising a family, working, etc. and just don’t have the time to devote to researching their credit rights. As a result, few consumers actually know how to dispute their credit profiles effectively.
To be Truthful, consumers are stuck with the formidable task of navigating legal frameworks while disputing with credit bureaus that are unresponsive. This unbalanced playing field creates only one major loser – the American consumer.