We all know how important credit reports/scores are to our daily lives. They determine whether we can buy our dream home, lease a car, or even get a job. But a new study done by the Consumer Financial Protection Bureau revealed that only 1 in 5 people actually get a copy of their credit report each year, even though it is free at www.annualcreditreport.com.
The problem with this low 1 in 5 statistic is that over 80% of consumer credit reports contain a mistake. Maybe an old account that you paid off is still reporting after 7 years. Equally possible is that one of your credit card companies is reporting a late payment although it was actually on time. All of these mistakes can cost you big money in the short and long term.
According the CFPB, over 40 million people do get their credit reports each year, but Trans Union, Experian and Equifax maintain files on over 200 million people. In 2011, consumers disputed over 30 million errors on their reports, with nearly 40% dealing with incorrect collection accounts.
Richard Cordray, the CFPB’s director, noted the important role of credit reports for consumers:
“Credit reports on a consumer’s financial history and behavior can determine eligibility for credit cards, car loans, and home mortgage loans – and they often affect how much a consumer is going to pay for that loan. The industry is critical in our economy…,”
Here at Michigan Consumer Credit Lawyers we can fix your credit report errors for FREE. We file the dispute letters for you, and get errors removed under the federal law, the Fair Credit Reporting Act. Our services are free to consumers, as the credit agencies must pay our costs and fees.
So if you see errors on your credit report, call or email Attorney Gary Nitzkin for a free consultation at (888) 293-2882. For more information about your credit rights as a consumer, visit our website at www.micreditlawyer.com for informative, how to videos on consumer financial protection.