Credit reports could be based on mistaken information - Houston weather, traffic, news | FOX 26 | MyFoxHouston

Credit reports could be based on mistaken information

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HOUSTON (FOX 26) -

Credit reports are a part of a growing number of financial decisions, but a new study suggests a lot of them may have some significant mistakes.

The Federal Trade Commission conducted the study, finding one in five have errors that can lead to paying more for loans, insurance or even lost employment opportunities.

In Galveston, Mike Orlando has been trying to refinance his home mortgage to take advantage of lower rates. He says credit report mistakes are among the challenges that get in the way.

"I just wanted to get the better rate," says Orlando, "Since I've been applying for the loans, I probably spent $500 a month, more, in mortgage money that I could have could have saved for the last year."

Consumers are entitled to a free copy of their credit report, each year, from each of the three credit reporting agencies.

The FTC says disputes are fixed about 80 percent of the time.

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