Hundreds of consumers in Wisconsin complain of errors on their credit reports
Nationally the number of consumers complaining of incorrect info on their report has increased since the pandemic
MADISON, Wis. (WMTV) - A less than perfect credit report can cost you. Since the pandemic, more and more people are zeroing in on their reports as they make financial plans. NBC15′s national investigative team found that the number of reported disputes has doubled since the pandemic began.
NBC15 Investigates looked into how this issue is impacting people in Wisconsin. In the last 12 months, nearly 600 consumers in Wisconsin complained about incorrect information on their credit report. That’s according to data from Federal Trade Commission.
Officials with Wisconsin Department of Agriculture, Trade, and Consumer Protection say this has been an issue since before the pandemic, referring to a 2015 national settlement involving credit agencies.
If you’re trying to get your credit report cleared up, local consumer experts say the best advice is keep good records and be patient.
Sarah Orr, Director at UW Law School’s Consumer Law Clinic, says you should dispute incorrect information and if your dispute is rejected too soon, ask for another investigation. It’s important to have mistakes corrected as your report impacts your loans and interest rates.
“People are really taking charge of their credit reports so it may feel like a long time before something gets resolved, but they just have to hang in there,” said Orr.
You have the right to dispute inaccurate information on credit report for free.
For information on how best to do that, consumers can visit the Consumer Financial Protection Bureau’s (CFPB) website.
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