The type of credit you have can have a huge impact on what you want to buy – irrespective of whether it is a cell phone or a house that you are planning to buy. Most people in the industry state that the credit report is more or less like a report card for grown-ups. This clearly shows your ability to handle finances but the report could also contain mistakes and reflect a bad grade.

The policy and economic research council has come out with a new report that looks into the credibility of credit reports. The study has thrown light on some of its findings. There are over 70 million people who have incorrect information on their credit reports.

Garry Patterson who is the financial specialist at Clearpoint Credit Counseling Solutions states that people often tend to assume that everything that is contained in their credit report is correct. But that is far from the truth as there are many errors in most of the credit reports.

Patterson counsels clients on a daily basis and offers tips on ways and means to repair their credit.

He states that people have got to look into their credit reports at least once a year in order to ensure that everything is fine and that the information is accurate. Very often people look at their credit reports and claim that they never had a particular card in the first place, or that they never purchased a particular piece of furniture from a particular store. In such cases, it hurts their credit states Patterson.

However, the only good news is that these errors can be fixed. With every credit report your will get a form which is called the ‘request for investigation’ and this form can be filled and submitted online or even via mail. You may also place your request over the phone and once you make your request to the credit bureau, they will look into it. They will have 30 days to investigate into what you have disputed and if the information on your credit report is found to be incorrect then as per the law, they will have to remove that information and rectify the mistakes. This is immensely beneficial to the customer and hence it is advisable that customers look into their credit reports and dispute it. At other times, there may be information in the report for which you may not be responsible at all.

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