A recent FTC study shows the relationship between errors on credit reports and potential consequences for consumers and businesses. Consumers may be charged higher rates for credit whereas businesses may make bad decisions on who to lend to.
Twenty six percent
of consumers have reported finding errors on their reports. Disputes resulted in about half being overturned. This article stresses the importance of accurate reporting on credit reports. Otherwise, you could end up paying interest rates that are far too high on your auto or home loan.