New study shows credit report errors may be costing you

February 24, 2024
1 min read


  • Consumer Reports found errors on credit reports that could be costing consumers money or opportunities.
  • Nearly half of complaints filed with the Consumer Financial Protection Bureau are about credit report errors.

New data reveals that errors on credit reports are a major problem that could have serious financial implications for consumers. Consumer Reports found that nearly half of the complaints filed with the Consumer Financial Protection Bureau center around errors on credit reports. These errors could range from loans listed as active when they have been paid off, to someone else’s information appearing on your report, or incorrect late payments.

To address these errors, consumers are advised to regularly check their credit reports and compile all relevant information to dispute any inaccuracies. Sending a certified letter to credit reporting agencies is recommended, and as a last resort, filing a complaint with the Consumer Financial Protection Bureau or taking legal action may be necessary. It is also suggested to obtain a free copy of your credit report from the Annual Credit Report website and check it regularly to prevent potential issues in the future.

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