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The Cost of a Credit Report Error

 

The Cost of a Credit Report Error

Credit Report Errors are very common, and if left unnoticed, they will have serious consequences for your monetary future.

Importance of Your Credit Score

  • Credit Report errors have a significant impact on your credit score, which is a number created by reporting agencies that is put together based on the information found in your credit reports
  • Most common is the FICO score utilized by everybody from lenders to credit card companies
  • A higher FICO score shows that you are a lower risk to lenders

Errors on Your Credit Report Will Cost You Thousands

Errors will lower credit score ensuing in:

  • Higher credit card, home mortgage, and private student loan interest rates
  • Higher home and automobile insurance premiums
  • US government clearance issues
  • Loss of job opportunity
  • Denial of loan and credit offers

Each of those instances will cost you thousands and probably tens of thousands

FICO breakdown
fico-breakdown-fix-credit-report-problems

  • 35%-payment history
  • 30%-amounts owed
  • 15%-length of credit history
  • 10%-credit mix
  • 10%-new credit

Due to the importance of your FICO score, it’s necessary to make certain credit reports are monitored and kept free of errors.

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