June 26, 2004
Reported by KPLC.com Staff

The most valuable thing we have is our good name. The most common reflection of our reputation as a trustworthy consumer is our credit report.

Unfortunately, the information contained in our credit reports, which are bought and sold daily to nearly anyone who requests and pays for them, does not always tell a true story.

According to a new survey released by the US Public interest research group, one in four credit reports contains serious errors. Jackie Boies: "Errors do happen on credit reports. It's up to the consumer to look at the credit report to identify the errors. They're easily fixed, but you have to know the error is there, so you have to look at your credit report."

Boies says those errors can cause consumers to be denied credit, a loan, a home loan or even a job: "Creditors are looking at how you paid your bills. They're looking at credit scores, and of course, all of those things go into your credit scoring. If you're going to buy a house or buy a car, any of those things, a lender is going to look at your credit report, and we suggest you look at your credit report before the lender does."

Jackie Boies works with the Consumer Credit Counseling Services, and urges consumers to check their credit report at least once a year. Boies: "We've had people come for counseling, plenty of them who have been victims of identity theft, and most of them are cued in by looking at their credit report, or applying with a lender who let them know, 'You have information on your credit report you need to take a look at.'"

Consumers who have recently been denied credit, are unemployed or collecting benefits, or believe themselves to be victims of identity theft or fraud may receive a free copy of their report.

The three major credit reports are issued by Equifax, Experian and Trans Union.

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