FTC: Many credit reports contain errors

GRAND RAPIDS, Mich. (WOOD) - Your credit report could be causing problems you may not even know about.

The federal government announced Monday it thinks there may be more errors in those reports than anyone thought. Its study found that one in four people have errors on their credit reports.

"I was surprised that it was that large a figure," said Phil Catlett, president of the Better Business Bureau of West Michigan.

On Monday, the Federal Trade Commission released the findings of a multi-year investigation into credit reports. Many of the errors found weren't damaging to a person's credit score, but a large chunk were damaging.

That is concerning even if you aren't looking for a loan. Employers and insurance companies often look at credit reports to set how much you'll pay.

"It seems like every business and a lot of others depend on this to make decisions about you and me," said Catlett.

But you can check the report yourself. The free AnnualCreditReport.com lets you see your credit report from the three major credit reporting companies.

But you can only check them for free once a year, so instead of checking all three at once, Catlett suggests checking one every four months to keep an eye on your score year-round.

And if you see a problem, do something about it now.

"You have to face them head-on rather than hoping they go away because they just don't go away on their own," said Catlett.

Sometimes getting problems fixed takes time and repeated calls, but getting errors fixed is solely up to you. No one else is checking.

"It's up to you to do whatever you can to get their information corrected and it takes a long time in some cases," said Catlett.

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Online:

AnnualCreditReport.com