Credit reports not always right, residents find
"Harry Edwards, 63, of Grand Blanc Township didn't even recognize his credit report - with five names, seven addresses, two Social Security numbers and a $1,040 bill for two surfboards.
'I've never seen so many things wrong in such a short period of time,' Edwards said.
In the rush to receive free credit reports, available for the first time this month, many area residents are finding disturbing problems.
Clyde Howd, 55, of Thetford Township found an old $51,000 loan listed as an open account and his son's mortgage on his credit report.
Others reported mysterious loans, unheard-of credit cards and parents who repeatedly found their children's addresses listed as alternate addresses on their credit reports.
'You have to watch your credit report,' said Howd, who believes he was turned down for a loan last year because of errors on his report.
Credit reports contain detailed financial information, and what they say can determine far more than if an applicant can get a credit card or get a new car. Credit reports also are used to determine the cost of car insurance as well as by some potential employers.
John Ford, chief privacy officer for Equifax, one of the three national credit reporting agencies, said mistakes can happen, but they are not commonplace. The last major industry study estimated errors on 0.2 percent to 3 percent of reports, he said."
Full Article on MLive
'I've never seen so many things wrong in such a short period of time,' Edwards said.
In the rush to receive free credit reports, available for the first time this month, many area residents are finding disturbing problems.
Clyde Howd, 55, of Thetford Township found an old $51,000 loan listed as an open account and his son's mortgage on his credit report.
Others reported mysterious loans, unheard-of credit cards and parents who repeatedly found their children's addresses listed as alternate addresses on their credit reports.
'You have to watch your credit report,' said Howd, who believes he was turned down for a loan last year because of errors on his report.
Credit reports contain detailed financial information, and what they say can determine far more than if an applicant can get a credit card or get a new car. Credit reports also are used to determine the cost of car insurance as well as by some potential employers.
John Ford, chief privacy officer for Equifax, one of the three national credit reporting agencies, said mistakes can happen, but they are not commonplace. The last major industry study estimated errors on 0.2 percent to 3 percent of reports, he said."
Full Article on MLive
posted by Dave at 8:58 AM
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