Six Massively Damaging Credit Report Errors Revealed

Share Article men’s lifestyle and finance magazine comments on Rockford, IL’s 13 WREX release of the six most damaging credit report errors and offers suggestions to turn around a wounded score

The Consumer Financial Protection Bureau (CFPB) was designed to protect consumers in all things financial, including helping them get credit report mistakes correctly swiftly. men’s lifestyle and finance magazine today issued their observations about news publication 13 WREX’s revealing of the six most damaging inaccuracies contained on consumer credit reports, and the way that a corresponding credit score can be harmed if the gaffes go undetected and uncorrected.’s take on this issue may assist consumers in grasping the magnitude that credit report errors can have on their reports, scores, and financial lives.

Kirk Haverkamp of recently wrote an article featured on 13 WREX, Rockford, Illinois’ NBC television affiliate. Haverkamp pointed out that nearly four out of five consumer credit reports contain errors, though many of these mistakes won’t actually harm that consumer’s score. These are things like a misspelled address or an out-of-date employer. However Haverkamp reports that there are also several bloopers that can cost the consumer greatly, in terms of affecting their credit score and in turn all the financial pieces that are contingent upon score, such as loan eligibility and interest rate. advises readers to check credit scores at least once per year, and more if they are actively working to rebuild their scores.’s Senior staff writer is quoted as saying, “There’s no hope of getting mistakes fixed if you don’t catch ‘em in the first place. There are a bunch of outlets to turn to once you’ve identified errors, a new one actually being the federal government. The Consumer Financial Protection Bureau (CFPB) was designed to protect consumers in all things financial, including helping them get credit report mistakes correctly swiftly. Consumers can go to their website and file a complaint, in addition to filing an official dispute with the credit bureau itself.”

A few of the most dangerous errors to find on one’s credit score as reported by Haverkamp in the above-mentioned article include a closed account distinguished as being closed by the lender instead of the borrower, outdated negative information that is still being included after seven years (with the exception of bankruptcies, which stay on one’s report for ten full years,) and completely bogus accounts that were never opened by the consumer. These types of mistakes can have a truly appalling influence on one’s credit score and need to be addressed quickly in order to be rectified, and stop negatively impacting the score.

Tools like Experian’s Free Credit Score Planner and’s tracking and budgeting app are great ways to encourage smart personal finance and a simple way to stay on the financial track.’s Senior staff writer is quoted as saying, “Life is busy, and the holidays are even more demanding on our schedules. These sorts of financial tools take the guesswork out of tracking spending and help you become more educated about your own, personal financial situation. I honestly believe that it’s easier than ever for consumers today to fix their credit report and build their credit score, if they just utilize the proper tools and stay educated about the process.”

The WREX article recommends consumers reaching out to the credit-reporting firm that produced the report when they discover an error. Consumers should challenge the item at question in writing, providing copies of any and all supporting documents. These firms are legally required to perform an investigation within 30 days and reply back to the consumer in writing as to the outcome.

About lifestyle and finance magazine is an online men’s magazine that produces article about on travel, lifestyle, and advice for dating women. readers is for men in their 30’s and 40’s who live large, setting big goals and high expectations for themselves. men’s lifestyle and finance magazine features stories on personal finance, men’s luxury items, hot chicks, and travel advice like when to buy travelers insurance. is owned and operated by Purpose Inc.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

David Klein
Purpose Inc.
Email >
Visit website