How Accurate is your Credit Report?

There’s no question that with something as vital to your personal finance as a credit report, it is incredibly important that the report is accurate so you aren’t denied financing when you need it or have to pay a higher interest rate for money borrowed. But with identity theft and the chance for reporting errors, it is important to know just how much a chance of error there is. Experts on the Equifax Finance Blog explore the importance of accuracy in the new article, “The Facts About Credit Report Accuracy.”

The Consumer Financial Protection Bureau keeps track of accuracy with credit reports and found that only between 1.3 and 3.9 percent of consumers disputed items on their credit report. Another study found that only a tiny portion - half of a percent - found mistakes on their credit report that would put them into a higher risk category, which would cause them to pay more or receive a higher interest rate.

When it comes to credit reports, agencies want to have the most accurate data at all times - perfection is always the goal. From those that provide the data to government agencies to the people that work hard at Equifax, TransUnion and Experian, to make sure that every report is as accurate as possible, the need to work together to make a positive buying experience for everyone is something taken very seriously.

To learn more about how Equifax keeps your credit active and how we can help protect from identity theft, visit Equifax.com.