We hear all the time that credit score is the “be all, end all” when it comes to getting financing. As of late, credit scores have become especially important because banks are no longer financing folks who are at risk or have a low score. What many people don’t realize is that according to the Federal Trade Commission, 20% of Americans have errors on their credit report, errors that are directly affecting their credit score and their ability to make major purchases.
Apparently, not all Americans take advantage of the ability to run one free credit report per year. This could mean that you may end up being part of the 20% with an error. If you do find errors on your credit report, you may be able to increase your score by simply disputing the errors. In some cases, this can raise your score significantly enough to lower the interest rate that you receive for a car or home purchase. Best advice: take a close look at your credit report at least annually.
Kevin Fallon McCarthy
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