Bottom Line: Beware of credit report errors [Video]

MEMPHIS, Tenn. (WMC) – Imagine being turned down for a loan or paying higher interest rates due to errors on your credit report.

It happens more often than you might think and the negative consequences don’t stop there. Checking the accuracy of your credit report is easy to do with these steps from Consumer Reports.

Credit report errors are the top consumer issue filed with the Consumer Financial Protection Bureau. The problem is getting worse, with complaints more than doubling in just two years.

Common errors include inaccurate personal information, duplicate accounts, closed accounts reported as open, and paid-off debt appearing as unpaid.

A credit report is like an X-ray of a person’s finances! Incorrect information on that report can prevent a person from getting credit or a loan, renting an apartment, getting a good insurance rate, or even getting a job.

You can get your credit report for free …