MADISON, Wisconsin (WMTV) – A less than perfect credit report can cost you money. Since the pandemic, more and more people have focused on their reports when making financial plans. NBC15’s national investigation team found that the number of reported disputes has doubled since the start of the pandemic.
NBC15 Investigates examined the impact of this issue on the people of Wisconsin. In the past 12 months, nearly 600 Wisconsin consumers have complained about incorrect information on their credit report. This is according to data from the Federal Trade Commission.
Officials from the Wisconsin Department of Agriculture, Commerce, and Consumer Protection say this was a problem before the pandemic, referring to a 2015 national settlement involving credit bureaus.
If you’re trying to clarify your credit report, local consumer experts say the best advice is to keep good records and be patient.
Sarah Orr, director of the Consumer Law Clinic at UW Law School, says you must dispute the incorrect information and if your dispute is dismissed too soon, request another investigation. Correcting mistakes is important because your report impacts your loans and interest rates.
“People really take charge of their credit reports, so it may seem like a long time before something gets resolved, but they just have to hang on to it,” Orr said.
You have the right to dispute inaccurate information on the credit report free of charge.
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