Beware Errors on Your Credit Report

Mistakes could boost your borrowing costs, but they're usually easy to clear up, if you spot them.

Editor's note: This article originally appeared in the May 2013 issue of Kiplinger's Personal Finance.

Imagine the frustration of paying more than necessary for a loan because of an error on your credit report. According to a Federal Trade Commission study, that was the case for 5% of consumers, who had errors on their reports that could boost borrowing costs. One in four consumers found errors, although most weren’t serious enough to affect loan terms. Nearly 80% of those who filed disputes were able to resolve errors, at least partially.

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Anne Kates Smith
Executive Editor, Kiplinger's Personal Finance

Anne Kates Smith brings Wall Street to Main Street, with decades of experience covering investments and personal finance for real people trying to navigate fast-changing markets, preserve financial security or plan for the future. She oversees the magazine's investing coverage,  authors Kiplinger’s biannual stock-market outlooks and writes the "Your Mind and Your Money" column, a take on behavioral finance and how investors can get out of their own way. Smith began her journalism career as a writer and columnist for USA Today. Prior to joining Kiplinger, she was a senior editor at U.S. News & World Report and a contributing columnist for TheStreet. Smith is a graduate of St. John's College in Annapolis, Md., the third-oldest college in America.