If you haven’t requested a copy of your credit report, there are many reasons why you should.
A 2004 study–the most recent available–by the National Association of State Public Interest Research Groups revealed that almost 79% of all credit reports contain some type of error. One-fourth of credit reports contain such serious errors that those individuals could be denied credit or be charged a higher interest rate.
What are the common errors?
1. Misspelled names
2. Wrong Social Security numbers
3. Inaccurate birth dates
4. Inaccurate information about a spouse
5. Out-of-date address
6. “Closed” accounts listed as “open”
7. The same mortgage or loan listed twice
8. Absence of major credit, loan, mortgage, or other accounts that could be used to demonstrate creditworthiness
What should you do? Review your credit report, at least annually, for accuracy. If you uncover an error, contact the credit reporting agency to have it corrected. On an annual basis you can get a free credit report at www.annualcreditreport.com. In between, First New York members can have their credit report run at no charge, to make sure your credit report is accurate. Visit any branch office for more information.