Money Watch Q & A: Fixing Your Credit Report - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Money Watch Q & A: Fixing Your Credit Report

Posted: Updated:

The Federal Trade Commission discovered that five-percent of consumers had errors on one of their three major credit reports. Some inaccuracies are so significant that they could be costing Americans money by increasing interest rates and preventing them from getting certain types of loans.

The study was brought to light when CBS' 60 Minutes aired the report earlier this month. The government agency also discovered the following:

The study, in which participants were encouraged to use the Fair Credit Reporting Act (FCRA) process to resolve any potential credit report errors, found that:
 
-One in four consumers identified errors on their credit reports that might affect their credit scores;
 
-One in five consumers had an error that was corrected by a credit reporting agency (CRA) after it was disputed, on at least one of their three credit reports;
 
-Four out of five consumers who filed disputes experienced some modification to their credit report;    
 
-Slightly more than one in 10 consumers saw a change in their credit score after the CRAs modified errors on their credit report; and
 
-Approximately one in 20 consumers had a maximum score change of more than 25 points and only one in 250 consumers had a maximum score change of more than 100 points.            

Some consumers reported that fixing their credit report was a difficult and time consuming process. However, our Money Watch Q& A guest, Jill Perry with Financial Guidance Center says you have to be vigilant. She suggests checking your credit report at least three times a year. You can get a free credit report at a number of places, like Financial Guidance Center or www.annualcreditreport.com. Perry says if you look up your own credit report, it will not ding your credit. If you notice an inaccuracy, she said to call all three credit bureaus immediately. Once you file a claim, they generally have 30 days to review and take action. Keep in mind, you have to file a claim at all three bureaus separately. If you need help, contact the Financial Guidance Center at the contact information below:

Jill Perry
Northern Nevada Director
Financial Guidance Center
(Formerly Consumer Credit Affiliates)
3100 Mill Street, Suite 111
Reno, NV 89502
P:  (775) 337-6363
Toll free: 800-451-4505
F:  (775) 337-6679
jill@financialguidancecenter.org

Written by Kristen Remington

  • NewsMore>>

  • Suspect Dead, One Deputy Injured in Officer-Involved Shooting in Douglas County

    Suspect Dead, One Deputy Injured in Officer-Involved Shooting in Douglas County

    Sunday, May 20 2018 12:42 PM EDT2018-05-20 16:42:17 GMT

    Douglas County Sheriffs say a suspect is dead after an officer-involved shooting that happened Saturday night.

    More >>

    Douglas County Sheriffs say a suspect is dead after an officer-involved shooting that happened Saturday night.

    More >>
  • Pope Francis to Create 14 New Cardinals in June

    Pope Francis to Create 14 New Cardinals in June

    Sunday, May 20 2018 12:40 PM EDT2018-05-20 16:40:43 GMT

    VATICAN CITY (AP) - In a surprise announcement to pilgrims and tourists in St. Peter's Square Sunday, Francis said he will raise the 14 to the rank of cardinal in a ceremony on June 29. 

    More >>

    VATICAN CITY (AP) - In a surprise announcement to pilgrims and tourists in St. Peter's Square Sunday, Francis said he will raise the 14 to the rank of cardinal in a ceremony on June 29. 

    More >>
  • Reno 1868 FC Draws with Seattle

    Reno 1868 FC Draws with Seattle

    Sunday, May 20 2018 2:03 AM EDT2018-05-20 06:03:41 GMT

    Reno 1868 FC continued its undefeated streak Saturday night with a 1-1 draw against Seattle Sounders FC 2 at Greater Nevada Field. In front of a crowd of 5,759 people, Reno showed the entire Northern Nevada area why it’s one of the premier teams in United Soccer League. 

    More >>

    Reno 1868 FC continued its undefeated streak Saturday night with a 1-1 draw against Seattle Sounders FC 2 at Greater Nevada Field. In front of a crowd of 5,759 people, Reno showed the entire Northern Nevada area why it’s one of the premier teams in United Soccer League. 

    More >>
Powered by Frankly
All content © Copyright 2000 - 2018 Sarkes Tarzian, Inc. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.