Your credit report makes or breaks your ability to get loans, and sometimes even jobs. The information that TransUnion, Equifax, and Experian add to your records carries a lot of weight. Wrong items with negative information can get you reject for everything from a small loan or new credit card to a car loan or mortgage. Surely there's some oversight for something so important, right? Surely the credit bureaus have a program in place to catch and remove errors, right?
No, they don't.
As scary as it sounds, the credit bureaus add information to your credit reports continually without ever verifying it. No law requires to them check out information before they add it to your credit records. Your only protection comes from your right to free annual credit reports and your ability to dispute things on those credit reports. That's why it's so important to check your records regularly and fix bad credit caused by mistakes. Under the Fair Credit Reporting Act (FCRA), the credit bureaus have to take action once you notify them of errors with a credit report dispute. My credit repair ebook for Kindle explains much more about this process for only $2.99 (free to Amazon Prime members).
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