Credit report error shows $180k debt: learn more about credit report errors and how to fix them in new video from Consumer Reports

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By Maureen Mahoney on Tuesday, January 13th, 2015

Consumers know that credit reports play a major role in their ability to get a loan, job, or apartment. Potential lenders and employers, among others, may look at it when considering applications.

But a shocking number of credit reports contain errors – and some can really wreak havoc on your finances. To learn more, check out Consumer Reports’ new video, “Credit Score Problems and How to Fix Them,” which shows how important it is to regularly check your credit reports.

 

 

The video features consumer Nathaniel Lewis, who pulled his credit report and was shocked to find that it listed him as over $180,000 in debt! He protests, “Eighty percent of it wasn’t mine.” Nathaniel had what’s known as a “mixed file” – when information that doesn’t belong to you ends up in your credit file.

Unfortunately, Nathaniel’s experience isn’t unusual. A recent CR survey showed that about 20% of those who had pulled their credit reports saw mistakes that could affect their credit scores. And over half of those who tried to correct an error ran into trouble. Please watch the video and view our tip sheet to get advice on fixing errors.

How often do you check your credit information? Have you discovered a major credit report error? Tell us all the details!

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