Why is it so important for your credit report to be completely accurate?

If there is an error on your credit report, you are more likely to have higher interest rates or even get rejected for the loan altogether.

If there is an error on your credit report, you have to will not be able to access your credit report for another 5 years.

If there are no errors on your credit report, your score will increase each year.

If there are no errors on your credit report, you will automatically get approved for any loans you applied for that year.

Question

Marin Castro

Business

30 December, 23:59

Why is it so important for your credit report to be completely accurate?

If there is an error on your credit report, you are more likely to have higher interest rates or even get rejected for the loan altogether.

If there is an error on your credit report, you have to will not be able to access your credit report for another 5 years.

If there are no errors on your credit report, your score will increase each year.

If there are no errors on your credit report, you will automatically get approved for any loans you applied for that year.

+1

Answers (1)

Know the Answer?

Karli Wood · Answer 1

The correct answer is letter "A": If there is an error on your credit report, you are more likely to have higher interest rates or even get rejected for the loan altogether

Explanation:

Dealing with errors in your credit report is a disadvantage because financial institutions will have doubts about your credit history. In front of loan requests, banks are likely to increase the rate of interest they could charge you or even reject the loan at all because they will consider the risk of lending you money is higher due to the inaccuracies on your credit report.