Surprising Errors in Credit Reporting

According to a 2013 study from the Federal Trade Commission, more than 25 percent of consumers who took the time to check their credit reports identified errors that might affect their credit scores.

This might partially explain why, according to an article in Time magazine, a whopping 56 percent of Americans have subprime credit. Looks like more people should be taking advantage of their free yearly credit reports.

The Fair Credit Reporting Act requires each of the three nationwide credit reporting companies - Equifax, Experian and TransUnion - to provide a free copy of your credit report once every 12 months, upon your request.