Federal Trade Commission: Millions of Errors In Credit Reports

Are errors in credit reports a cause for alarm?

Warning: getimagesize(http://dev.blackenterprise.com/wp-content/blogs.dir/1/files/2010/12/credit-report-300x216.jpg): failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found in /home/blackenterprise/public_html/wp-content/themes/blackenterprise/single-standard.php on line 35

credit report bookNearly 42 million Americans have inaccuracies on their credit reports which lower scores and could deny consumers from getting credit, a new government study says.

The Federal Trade Commission released findings reviewing 1,000 credit reports. The only good news? Fewer than 3 percent of reports had errors so egregious to result in higher interest rates than those consumers deserved.

“Errors in credit reports can cost you a loan, a competitive interest rate, a job, security clearance and insurance,” an expert says.

Read more over at CNN Money.