You use your credit report for so many different things, such as getting a credit card, purchasing a car, or even buying or building a home. The better your score is, the more you will be able to borrow. Because of this, it is so important that you have a good credit score. However, one thing that you may not realize is that your credit score may not be accurate.

How Common Are Credit Report Errors?

A study discussed by Business Insider indicated that 80% of all credit reports contained some kind of mistake and that 25% of these mistakes were considered to be very serious. In order to get more accurate information on just how much of a negative impact credit report errors can have on someone’s credit, a 10 year study is being conducted. This study will analyze a large number of credit scores and will search them for mistakes. Once these mistakes are found, the credit reports will then be resubmitted for review. This will then give an accurate account on how much the score goes up once the report is fixed. This study will include those with all ranges of credit scores in order to make the study unbiased and account for a larger variety of people.

While this study can’t necessarily fix the problem, it will help you to see how many credit scores have errors and how much of an impact these errors have on your credit score. This study will also bring more awareness to the problem, which will make people more inclined to check their credit scores for accuracy, and fix them if needs be.

If you have any questions regarding your credit score and how to check for credit report errors feel free to contact us.