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1 out of 3 Credit Reports Have Errors. Does Yours? May 16, 2023

Did you know 1 out of 3 credit reports have errors? More than one-third of consumers have found at least one error on their credit report.

Errors on credit reports are not uncommon, so staying up to date, reviewing your credit report is a must. Mistakes on your credit report can impact your score and your lending power. Some of the common errors found on credit reports are:

  • Personal Information Errors. Errors such as wrong name or address.
  • Account Errors. Credit accounts that consumers did not recognize as being theirs.

It’s advisable to use a credit score solution that allows you to review and download free credit reports to look for errors. You should also be able to dispute any errors you might see. Nymeo members have access in online banking to SavvyMoney where you can check your credit score daily without any impact to score, receive real time credit monitoring alerts and learn about the factors that make up your credit score. Finally, members can also give our credit score simulator a spin and see how your current score would change based on a variety of different actions or events.

If you do not check your credit report, you will never know if it has errors. Do not let the likelihood of errors result in an impact to your credit score or higher interest rates and loan payments.

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Category: Credit & Budgeting

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