Understanding your credit report
Consumers need to understand the importance of their credit report. That's the message from the Consumer Financial Protection Bureau.
The government agency says it plans to begin looking into credit reporting agencies to confirm they're producing accurate credit reports.
A credit report is supposed to provide a track record of a person’s credit history and contains information like how many lines of credit have been applied for or opened, and how a person manages credit. Credit reporting bureaus sell that information to lenders, insurers, employers, and other businesses.
The Consumer Financial Protection Bureau hopes its announcement serves as a reminder of the importance of understanding your credit report, checking its accuracy and disputing any errors.