Do You Have Credit Report Errors?

Do you have credit report errors? There's a good chance that your answer to this question is "yes." 

Why is this cause for concern? Well, errors on your credit report can lead to a change in your credit score, which can be a key factor when determining your interest rates, and lenders sometimes have cutoffs for certain rates. 

For example, say you have a score of 695 and the cutoff is 700. Those 5 points on your score could keep you from receiving that better rate, which can mean more money in your pocket. Or, in an even worse case scenario, those 5 points could result in you not receiving the loan at all if your score becomes too low for lenders to deem you creditworthy. 

We have also blogged about how credit scores can be a determining factor for housing, employment and even insurance. Even a small error in your credit report like the one described above could result in you not getting the apartment, job or necessary insurance that you've applied for.

Even if there aren't any obvious errors in your credit history, try not to overlook factual errors on your credit report such as your name or birthday. 

So, what does all of this mean? This means you should consider monitoring your score more closely and on a regular basis, so you can find and prevent future errors on your credit report!