WASHINGTON – It may be time to triple-check your credit report.
A new study by the Federal Trade Commission finds one in four consumers identified errors on their credit reports that might affect their credit scores.
CBS News reports that as many as 40 million Americans have mistakes on their credit reports, with 20 million finding significant mistakes.
The errors on one of three major credit reports could lead to consumers paying more for products such as auto loans and insurance, the FTC study finds.
“The results of this first-of-its-kind study make it clear that consumers should check their credit reports regularly. If they don’t, they are potentially putting their pocketbooks at risk,” Howard Shelanski, director of the FTC’s Bureau of Economics, says in a news release.