A new investigation from Consumer Reports show some staggering mistakes on credit reports that could be hurting your credit score. Here are some key highlights:
- Mistakes in Credit Report: 34% of consumers reported finding at least one mistake in their credit reports.
- Wrong Personal Information: 29% of consumers found personal information errors in their credit reports such as a wrong name or address, with more than half of those errors being incorrect addresses.
- Credit Accounts Not Theirs: 11% percent of consumers found account information errors, with the most common being accounts appearing in their credit reports that they did not recognize.
- Accounts Were Supposed To Be In Forbearance (But Weren’t): 15% of consumers who reported having accounts in forbearance found that one or more of these accounts were not being reported as “current” as required under the CARES Act.
Credit reports: 4 most common errors related to debt
These are the four most common errors related to debt on credit reports:
- Unrecognized Account: 41%
- Unrecognized Debt Reported To Collections: 26%
- Payment Wrongly Reported As Late: 23%
- Payment Wrongly Reported As Missed Entirely: 12%
Credit reports: 3 most common errors related to personal information
These are the three most common errors related to personal information on credit reports:
- Wrong Address: 56%
- Misspelled Name: 33%
- Wrong Name: 17%