Federal Trade Commission: Millions of Errors In Credit Reports

Are errors in credit reports a cause for alarm?

credit report bookNearly 42 million Americans have inaccuracies on their credit reports which lower scores and could deny consumers from getting credit, a new government study says.

The Federal Trade Commission released findings reviewing 1,000 credit reports. The only good news? Fewer than 3 percent of reports had errors so egregious to result in higher interest rates than those consumers deserved.

“Errors in credit reports can cost you a loan, a competitive interest rate, a job, security clearance and insurance,” an expert says.

Read more over at CNN Money.

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