(WTNH) — It may be time to look closely at that credit report. InsuranceNewsNet says in 2020, complaints about credit reports have skyrocketed, accounting for more than 50% of all complaints to the Consumer Financial Protection Bureau.
Remember, mistakes on a credit report can hurt your credit score and snowball into higher interest rates and even impact whether you can make a big purchase like a home or a car.
So, here’s what you want to look out for. Common errors include:
- Accounts or loans that have been paid off but appear as unpaid
- Individual loans listed multiple times
- Debts incorrectly reported to collections
InsuranceNewsNet says part of the problem stems from companies incorrectly reporting deferrals in the pandemic.
Just don’t wait too long, as credit report errors can do lasting damage to your finances.
It’s suggested you get in the habit of requesting a free credit report regularly throughout the year. The major bureaus — Experian, Equifax, and Transunion — don’t communicate with one another so you can contact each one.