A mistake on your credit report can cost you money. It can increase the interest you pay on loans, prevent you from getting a mortgage, buying a car or getting a job.
A new 8 year American Government study was released today and indicates as many as 40 million Americans have a mistake on their credit report. Twenty million have significant mistakes.
In Canada is not different, mistakes are made every single day. There a 2 Credit Bureaus in Canada, Equifax and TransUnion. We always recommend our clients to review their credit report on a regular basis (every six months to a year) and not just for mistakes, but for potential identity theft, which could be financial devastated for an individual.
Both Credit Bureaus have free service, when you ask to a report mail to you. If you want to download your report, you have to pay for it.
Don’t risk your credit health and review your credit report often.
For more information regarding this problem read Credit reporting error costing Canadians.