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We don't have credit scores are complicated but did you.
Know that there isn't a one in five chance that you have an error in at least one of your credit scores here to -- -- and all of those things credit bureau is -- not to tell you.
Is our personal finance expert very -- in the CN morning and good morning all right so.
We're tracking more than just your credit what do you mean by this era -- -- track not only -- your credit and your pay your bills on time how much debt you have.
But they also maintain personal information like your employment records where you live in when you apply for credit lenders -- and if they don't like what they see.
A -- employment record may be -- around a lot you're seeing is financially irresponsible he can be tonight moving around they may think your irresponsible.
I'll be denied credit altogether okay personal information and number two you say we make money selling your secrets -- right.
-- the three major credit bureaus.
Maintain each more than 200 million files on consumers.
Tracking over 60% of the population in some of them sell this information your personal information.
Some lenders and anyone else who's -- it's legal it's legal anyone else who's willing to actually diet.
This is how they make money and this is how unsolicited credit card offers an in your mailbox very scary.
Okay our mistakes could cost you -- they got -- -- you mentioned the Federal Trade Commission study one in five consumers -- an -- in at least one of their three credit reports as you said.
13% had crack at errors that impacted your credit score 5% more serious -- that could result in your paying war.
Interest rates are higher or could result again you're being -- panel and what do you do it's such an ordeal.
You gotta go back and forth in -- -- -- have backup documentation letters from collectors letters from lenders you have to it's and it's a paperwork -- out.
Right number 41 mistake we're known for mixing credit files like mixing up you and me -- exactly hit it well.
Exactly that's -- that's what's going on if so when you order your report you have to provide your name or Social Security number all of that's right.
But you know if my name is similar to yours or my social stopped by a digit between -- your mind my file -- -- the viewers viewers in an open mind.
It's it does complete disaster because if you have bad credit I don't -- all happened so it's a complete -- again trying to clear named takes along time it's almost like an accidental stolen identity it is it is and you know it's funny management is.
One reason a one way people find out that they've been on a victim of identity that is when they check their reports and you can check it for free right and check it for free and you know credit report three times a year once a year is what once a year yeah okay.
Not the final point is good lot clearing your name so.
Yes yeah it's so hard -- konduz their mistakes just that this is the process so once a dispute is -- The bureaus have been legally between thirty and 45 days to respond but after the investigation determined that no error is -- You fighting this for years and if you decide not to fight it -- negative credit on your report such as you know bankruptcy foreclosure some other sort of thing.
It's gonna stay -- your part for seven to ten years.
Until it's not -- there's -- what do you have one mistake a lot of people out there you know the bad economy people have one mistake on their credit report.
There's no getting out of that you have to wait seven to ten years it's -- -- gonna be on your part for seven to ten years now you can fight it you can take it higher you can take it to the court system.
But getting got to go through the process you gonna go first of the -- and then the lenders and their creditors and it's a lot of back and forth you have to have all the paperwork.
Together like I didn't find out that information you just go online to wet one of these bureau's one of these -- I mean you know if you have a problem now I would say brace yourself because it's it's it's it's a lengthy process and it just takes for ever mistake that a lot of people make they forget to change their address.
And their bills are sent to their old address and they forget to pay them and said that it.
Cost them I had an issue with Time Warner actually regarding that exactly expecting I moved so they actually sent -- -- collection.
So it was a big process of going about your credit and really it was a simple extended danger credit continued by twenty environment where need -- help you get out of that you could be you could probably do it yourself but it is an ordeal.
Right isn't -- great information thanks Hank Aaron good.
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