Your financial well being depends on you knowing how to correct your credit report when necessary. Your credit score is the key that enables you to access all kinds of financial services, from credit cards to mortgages. It also determines the price you pay for borrowing money. It is, therefore, essential that your credit report is a true and accurate reflection of the way in which you have managed your credit and finances. If you have a poor credit score and this is a true reflection of your financial history, then that is fair enough, but if your credit report underestimates your desirability as a borrower, as a result of incorrect information, then you are essentially being forced to suffer for someone else’s errors. A credit report error can cause you to pay higher interest than you should when you borrow, and result in you having to pay higher insurance premiums. It can also lead to loan applications being declined. Some people even get passed up for jobs and promotions as a result of incorrect credit scores.
If you ever check your credit report and find that it has one or more errors in it, you are not alone. According to a Consumer Reports study around 34% of Americans have found at least one mistake on their credit report. The question is, once you find these mistakes, what can you do about them? It is possible to correct credit report errors, especially with the help of a financial lawyer.