Credit Reports May Contain Errors – Credit Tip #14
Consumers assume that their credit reports are accurate and, as such, place a great deal of faith in these documents. Unfortunately, credit reports are not nearly as reliable as most have been led to believe. A shocking 85 percent of credit reports contain errors. Of these unfortunate errors, a full third are capable of causing declined credit cards. Thus, regular credit report checks are absolutely essential, particularly for those about to apply for credit cards, mortgages or personal loans. If an error is spotted, a quick correction may result in an increased credit score.
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