June 20, 2018
According to a study by the Federal Trade Commission (FTC), one in five consumers have a potentially material error in their credit report that paints them as a higher risk than they actually are. So effectively disputing errors in your credit report is a valuable skill. Here’s how to go about it:
After realizing he couldn’t pay back his outrageous film school student loans with rejection notices from Hollywood studios, Sean focused his screenwriting skills on scripting corporate videos. Videos led to marketing communications, which led to articles and, before he knew it, Sean was making a living as a writer. He continues to do so today by leveraging his expertise in credit, financial planning, wealth-building, and living your best life for Credit One Bank.
If you’ve ever applied for a loan or line of credit, you probably know that your credit score—which is calculated using information contained in your credit reports—is one of the main factors used to make lending decisions. Understanding what your credit reports say about your borrowing and repayment history can help you better understand how likely you are to be approved for credit and for which rates and terms you may qualify.
You’ve probably heard about the importance of checking your credit reports regularly. It’s wise to stay current on the status of your credit so you know how well you’re doing managing it. However, an equally important reason for checking your credit report is to make sure the information contained within it is accurate.
Your credit history is a key factor used by creditors to make lending decisions. But banks, mortgage companies, credit card issuers, and other financial institutions aren’t the only organizations that review your credit reports. Your credit history may also be used to make insurance, employment, and even rental application decisions.