Affects of Credit Report Errors
Most of you know by now lots of insurance carriers are using your credit score to rate car insurance. The insurance industry has made a connection between a poor credit score and potential claims to be filed. The CBS news program 60 Minutes did a report yesterday on credit bureaus and the very high percentage of errors on credit reports. How do credit report errors affect your car insurance and what can you do about it?
According to the news program, one in ten Americans has an error on their credit report which negatively affects their credit score. Even though car insurance carriers do not strictly go by your credit score when calculating your financial stability, it is a big factor. Certainly an error lowering your credit score could raise your car insurance rate.
60 Minutes investigators determined it is almost impossible to get an error corrected. Some people have gone 5 plus years battling the credit bureau to fix what seemingly obvious mistakes are.
The problem appears to be larger than anyone knew. An investigation like this one will surely put pressure on the industry to reform its current procedures because people should really be outraged. Unfortunately, your insurance agent is not going to have any power over your financial stability score.
It is something which needs to be corrected directly with the credit bureau. The three major credit bureaus are TransUnion, Equifax, and Experian.
Are you surprised 20% of Americans have negative errors on their credit report? Have you ever corrected an error on your credit report?
According to the news program, one in ten Americans has an error on their credit report which negatively affects their credit score. Even though car insurance carriers do not strictly go by your credit score when calculating your financial stability, it is a big factor. Certainly an error lowering your credit score could raise your car insurance rate.
60 Minutes investigators determined it is almost impossible to get an error corrected. Some people have gone 5 plus years battling the credit bureau to fix what seemingly obvious mistakes are.
The problem appears to be larger than anyone knew. An investigation like this one will surely put pressure on the industry to reform its current procedures because people should really be outraged. Unfortunately, your insurance agent is not going to have any power over your financial stability score.
It is something which needs to be corrected directly with the credit bureau. The three major credit bureaus are TransUnion, Equifax, and Experian.
Are you surprised 20% of Americans have negative errors on their credit report? Have you ever corrected an error on your credit report?
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