Check your credit score: Increase in errors reported since start of pandemic

A credit score is critical: It impacts everything, including from the amount of interest paid on a loan, such as on a new car, or getting a job offer.

Since the start of the coronavirus pandemic, there’s been an increase in errors that are having a negative impact.

As the pandemic shut down the country last March, help came via the CARES Act. It allowed many to defer payments on federally-backed mortgages and student loans.

Some companies even deferred credit card and car loan payments.

But others reported those deferred payments as late -- an error that can have lasting impact on your credit score.

"In terms of trying to get credit cards, mortgage, or even a student loan, that can be the difference between getting a good rate, a bad rate, or no loan at all,” said Lisa Gill, with Consumer Reports.

Easier access to credit reports could help consumers impacted by COVID-19

Reporting errors are common. One study found that one in four people have at least one mistake on their report.

In some cases the information is simply outdated. In others, it’s someone’s else’s information.

Even worse, the Consumer Financial Protection Bureau said since the pandemic errors hit record levels.

5 On Your Side: Costly credit mistakes - and 5 simple ways to improve your credit score

To help yourself, regularly check your credit reports through AnnualCreditReport.com. They’re free from all three credit bureaus: Experian, Equifax and TransUnion.

If you find an error, dispute it with each credit bureau in writing. Be sure to send your letter and any supporting documents using certified mail.

It’s a pain but likely well worth it.

Expect it to take at least 30 days to get an answer, so follow up and make sure an issue is fixed.