Errors in Credit Reports Cost’s Consumers Billions Annually

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 30, 2009 -- The loss of jobs, the epidemic of home foreclosures, astronomical gas prices and the related raise in food and other consumer goods have stretchered the average consumers budget to the max. Credit cards and equity lines are being maxed out for consumers to survive and credit scores are falling faster than they have in the past 10 years.

Lower FICO scores and changing credit requirements by lending institutions are causing more people to be denied loans or paying a much higher interest rate if they are approved. The accuracy of credit reports is even more important now than in the past, but the facts are that three-fourths of all credit reports contain errors.

Today’s consumers should make understanding and correcting their credit reports a top priority in their financial strategies for 2009 and into the future. Ignoring their credit history has led to extra interest in the pockets of lending institutions to the tune of billions of dollars in interest every year.

Today it is so very important that consumers must:

1. Understand the different credit reporting agencies and the difference in their reports.

2. Know how to read their credit report and how the report they get differs from the one sent to financial institutions.

3. Know how simple it is to accurately correct their own credit reports without the use of an attorney or credit repair agency and save thousands of dollars.

4. Know the seven most predatory lending practices and how to protect themselves against them.

5. Know the first two things to do if they are a victim of Identity Theft. Credit freezes are not the answer.

6. Know that the burden of proof for errors in their credit reports fall on the creditor and the credit reporting agency. Not the consumer.

These are just a few of the things consumers should use to correct/protect their credit. To find out more visit http://720pluscreditscores.blogspot.com .