Recent studies by a Public Interest Group found that over 70% of credit reports contain errors. Incorrect information in your credit file lowers your credit score. As the result you get a higher interest rate when you: take a loan, open a new credit card account, lease a car, etc. 29% of the credit reports in this study contained even more serious errors that could result in the denial of credit. These errors included false delinquencies, public records, judgements and credit accounts that did not belong to the consumer. Sometimes these errors are the work of sloppy data entry, but it is also often due to the ever growing epidemic of identity theft.
Since your Credit Reports are used to determine IF you are to be given credit (and what rates you will be charged), it is in your best interest to examine your reports carefully, correct inaccurate information and make every effort to remove ALL unfavorable information.
~The Credit Doctor