Henrietta, N.Y. — The Shotwells like many of us have paid some attention, maybe not as much as they could, to credit reports compiled by ratings agencies.
“I’ve checked it once or twice and yeah, I’ve looked at it closely,” said John Shotwell.
A report by the Federal Trade Commission found that 20-percent of consumers had an error in a report prepared by major ratings agencies.
The study also found that five-percent of consumers discovered errors with the potential to cause them financial problems.
It can affect the interest rate on that mortgage or car loan," said Lynette Baker of Consumer Credit Counseling. "It can even, to the most extreme they’ll turn you down and you won’t get the mortgage or the car loan."
Baker stressed the importance of checking your credit report. Free reports are available once a year through this website