New study on credit report accuracy raises eyebrows

99% of Credit Reports Are Void of Material Errors!

No, that’s not a fictitious headline designed to infuriate you into reading this piece. It’s actually part of the findings of a recently published study on the accuracy of credit reports by an organization called the Policy and Economic Research Council, or “PERC.” In fact, according to their research .93% of credit reports had an error that, when corrected, resulted in an increase of greater than 25 credit score points, which is what they considered as a “material error.”

The PERC study, which I encourage you to download from their website here, is one of those studies that gives pause because, frankly, the results are almost completely unbelievable. I mean, who honestly believes that 0.93% of credit reports contain material errors? Can that really be true?

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Tips Before Signing Up for a Secured Credit Card

Secured credit cards can be ideal for those with bad credit and who never had credit before. Before signing up for your own secured card, consider the following pointers:

• Check your lifestyle and your need for credit. First of all, you have to know your spending style and how you will be handling your monthly payments. A secured credit card can be used for rebuilding bad credit but only if you can keep up with your payments.

To make sure that you can pay off your debts before the due date, do not spend more than what your budget permits.

• Understand the terms and conditions of the card company. You need to read and understand the fine print in order to avoid unpleasant surprises later on. Check the credit limit, possible charges, grace period, interest rate, and other details of the offer.


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