Quickly Fix Credit Report Errors

A quick tip from Lynnette Khalfani-Cox, The Money Coach®                             

It is estimated that 70%* of all consumer credit reports contains mistakes and some of those errors are serious enough to keep you from being approved for credit. If you’re in the market for a credit card, auto loan or mortgage, be sure to pull your credit reports first — before applying — and fix any mistakes.

The easiest, simplest way to fix errors on your credit reports is to use the online dispute resolution services offered by each of the credit bureaus.

Under the Fair Credit Reporting Act, credit bureaus must remove any information that is outdated, erroneous or can’t be verified if you dispute it. Remember, having a clean, accurate credit report could help you get a “yes” on a loan and get the best loan rates and terms.

 

*Source: Federal Trade Commission Study

 

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Extra Credit provides general information to help improve our Member’s financial lives. Every situation is different, so please contact us for guidance on your specific needs. The advice provided in Extra Credit is not intended to serve as a substitute for speaking to a loan representative or financial advisor who can help tailor a solution for you.

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