Why You Should Check Your Credit Reports Each Year
News from Kiplinger Personal Finance:

Luckily, I’ve never found a major error on my credit reports over the years. However, once I did discover that my deceased father was listed as my husband on one of my reports — a little creepy but not something that would drag down my credit score.

SEE ALSO: How to Fix an Error on Your Credit Report

As I said, I’ve been lucky. That’s because a study by the Federal Trade Commission released on February 11 found that one in four consumers had errors on their credit reports that might affect their credit scores and, in turn, lead them to pay more for loans. “These are eye-opening numbers for American consumers,” said Howard Shelanski, director of the FTC’s Bureau of Economics, in a released statement. The results, he said, should make it clear that consumers should check their credit reports regularly. “If they don’t, they are potentially putting their pocketbooks at risk.”



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Call Kurtis: A Mistake Hurt My Credit Score
News from CBS Local:

ELK GROVE (CBS13) — An Elk Grove homeowner says he’s always paid his mortgage on time, but when he found a late payment reported on his credit report and the bank wouldn’t remove it, it was time to Call Kurtis.

Wells Fargo bought Wachovia, the company he had his mortgage through. Now Walley Tran says they made a mistake affecting his credit score.

There’s always something that needs to be done at Tran’s home.

“A lot of things to fix, being a homeowner,” he said.

And he’s kept a record of every mortgage payment he’s ever made.

So when he found a late payment from almost five years ago on his credit report, he sent Wells Fargo proof he wasn’t late — a receipt showing he paid $ 10,000 to Wachovia, which used to own his loan on time, which covered the monthly payment and more.

But what he got back was a letter saying “we are unable to change the information reported to the credit bureaus.”

“They sent me a letter saying it’s still my fault,” he said. “I don’t know why.”

The BBB’s Gary Almond said Tran should dispute the mistake with the three credit bureaus who have to investigate mistakes.

“If they can’t provide information within 90 days, they have to remove it or amend it.”

Before going to the credit bureaus, CBS13 decided we’d reach out to Wells Fargo on his behalf.

Tran said Wells Fargo then…………… continues on CBS Local

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