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.