Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.
If your credit was pulled for any reason in 2016, there’s a chance it contained incorrect information.
RELATED: What happens to your store credit card when the store goes out of business?
The Consumer Finance Protection Bureau (CFPB) has levied a $1.1 million fine against Conduent Business Services — formerly known as Xerox Business Services — because glitches in its proprietary software fouled up automated reports it got from five auto lenders and sent to the credit bureaus.
In addition, the CFPB says Conduent was negligent in informing its auto lender clients about these known flaws in its software.
The incorrect or incomplete credit reporting info generated by the former Xerox company affected more than 1 million borrowers.
The names of the five auto lenders who used the Conduent software were not disclosed.
“Mistakes on credit reports can greatly harm consumers, so we are ordering Xerox to fix its flawed systems,” said CFPB Director Richard Cordray.
Errors on your credit report could result in credit denials or cause you to pay higher interest rates if your application is approved.
You may also find it hard to qualify for employment with bad credit, or find that you’ll pay more in insurance than you would otherwise.
If you know there’s something wrong on your credit report, it’s incumbent on you to fight to have it corrected.
Here are 9 tips to keep in mind as you go through the dispute process…
RELATED: What you need to know about store credit cards
[anvplayer video=”4227634″ station=”998267″]
You walk into a Costco browsing for treasures and hoping to find some delicious free…
If you've been considering signing up for one of the Chase Sapphire credit cards, now…
The costs associated with owning a home go way beyond the amount on the mortgage. …
Inflation hits people on a fixed income the hardest. Say you're retired. You're living off…
Deciding to save and invest are great habits. But once you check that box, your…
If you're considering subscribing to Fubo, you need to be comfortable missing out on some…