Have you ever thought your credit report looks incorrect or had an error on it? A recent FTC study reveals that 1 in 5 American consumers have errors on at least one of their three credit reports and that the major repercussions as a result can include consumers paying more for auto loans or insurance.

“These are eye-opening numbers for American consumers,” said Howard Shelanski, Director of the FTC’s Bureau of Economics. “The results of this first-of-its-kind study make it clear that consumers should check their credit reports regularly. If they don’t, they are potentially putting their pocketbooks at risk.”

The study, which was based off of 1,001 participants who reviewed 2,968  credit reports reported these key findings:

  • 1 in 4 consumers found credit report errors which may affect their score
  • 1 in 5 consumers had an error fixed by a credit reporting agency after it had been disputed

Read the rest here:
Five Percent of Consumers Had Errors on Their Credit Reports That Could Result in Less Favorable Terms for Loans

Again, the key take-away here is that you MUST check your credit report regularly for any suspicious or incorrect reporting. You can obtain a free report, once each year by visiting AnnualCreditReport.com – here you can get your free credit report from the 3 major credit bureaus TransUnion, Equifax and Experian.

Video: Your Source for a Truly Free Credit Report? AnnualCreditReport.com (http://www.consumer.ftc.gov/media/video-0060-your-source-truly-free-credit-report-annualcreditreportcom)