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Credit Report Errors on the Rise

NBCMiami – “CARES Act Unintentionally Leads to an Increase in Credit Report Mistakes – Credit reports errors are quite common. In fact, a study found that one in four people has at least one error on their report, which Consumer Reports money reporter Octavio Blanco says can lead to problems.  “The worst thing that you can have is to be surprised that there’s an error and be denied credit because you didn’t know something was incorrect,” he added. While credit report errors are not new, the number of complaints about this problem to the Consumer Financial Protection Bureau has reached record levels, and a big reason for that is the CARES Act. Last year, at the beginning of the pandemic, the deferral government offered a lifeline to people who were struggling financially. Companies that offered federally backed loans, including mortgages, student loans and some credit card and car loans, provided deferral options without a late payment penalty.   “But what’s happening,” said Blanco, “is it’s causing confusion and it’s leading to those deferred payments showing as late, and so that’s really hurting people.”….

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