Bad credit reports are not just poor payment habits. It was found that over 80 percent of credit reports across the United States contained serious inaccuracies, such as wrong social security numbers, collections or charge-offs that do not belong to consumers, and late payments that never occurred.
Only 13 percent of the United States has a perfect score on their credit report. This allows them to get the best rates on everything from housing to cars and insurance.
If you would like to improve your credit score, go to AnnualCreditReport.com and ask for all three of your reports from Transunion, Experian and Equifax. This is free once a year. You have the right to dispute inaccurate information, and there are specific guidelines when and how the reporting agencies must respond.
Next month, we will tell you how your score is determined.
These tips, which will appear monthly in the Business Scene, are provided by Becky D. Ault of Specialized Recovery Credit Solutions, located at 119 S. New Madrid Street in Sikeston.