Your Credit Report Errors Are Costing You

Your credit score acts as a vote-of-confidence―or a red flag―to businesses, financial institutions and employers interested in doing business with you. As I have written about here before, whether you like it or not, you credit can potentially make or break you business start-up, so it is worth taking the time and money to get it right.

One in four Americans has an error on their credit score. With the importance of your score increasing everyday, I asked an industry expert to share more about those errors and what you can do to prevent them. Vic Lance is the President and CEO of Lance Surety Bonds. He has spent years working with thousands of U.S. businesses and helping them obtain a surety bond, so they can comply with the legal requirements of their industry. When a business needs to provide a surety bond, the owner’s credit report is heavily scrutinized by bond underwriters. An error of even 1 point can put a business owner in a lower credit score bracket, putting a strain on their operational costs.

Vic’s firm, Lance Surety Bonds collaborated with digital marketing agency Presitely, to create the following infographic to map out the kinds of errors that could be harming your report.

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