Errors on Credit Report Can Cost You a Boat Load from Arizona Mortgage Guru, go to the post for the full article
Believe it or not credit reports do contain errors. I don’t think any error
on your credit report should be considered minor. Because errors in your report
can significantly alter your credit score and end up costing you thousands of
dollars in the form of higher interest rates, inability to refinance a loan etc.
Additionally, there is a growing trend where employers, vendors (if you’re self
employed), new business partners etc. are checking your credit before they
decide to establish a relationship with you. So, it is ever more important that
you diligently monitor your credit report and actively correct any errors you
If my long winded advice here doesn’t convince you then read the story of
Mark S. Blythe. According to the Orlando Sentential, “Mark S.
Blythe’s loans fell through and his business went on the skids — all because a
computer glitch spewed bad information on his credit file, sending his credit
scores into a free fall.”