Your credit score is essential. It’s a number that lenders look at to determine your creditworthiness – whether or not you’re a good candidate for a loan. A high credit score means you’re a low-risk borrower, which could lead to a lower interest rate on loan. A low credit score could lead to a higher interest rate and could mean you won’t be approved for a loan.
You can do a few things to improve your credit score, but one of the most important is to dispute any errors on your credit report.
Errors on your credit report can lower your credit score, which is more common than you might think. A study by the Federal Trade Commission found that one in four consumers had an error on their credit report.
If you find an error on your credit report, you should dispute it with the credit bureau immediately. The credit bureau must investigate the error and remove it from your account if it’s found inaccurate.
Disputing an error on your credit report can be done online, by mail, or over the phone. Ensure all supporting documentation, such as a copy of your credit report with the error highlighted, so that the credit bureau can investigate it quickly and accurately.
If you’re not satisfied with the outcome of your dispute, you can also file a complaint with the Consumer Financial Protection Bureau.
The bottom line is that you should never ignore your credit score. It’s a significant number that could impact your ability to get a loan – and the interest rate you’ll pay on that loan. If you find an error on your credit report, dispute it immediately. The sooner you do, the sooner you can get it corrected.
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Sandra Thompson, the FHFA’s director, said during the recent Mortgage Bankers Association (MBA) Annual Conference that having two different credit score models will give investors