One New Jersey homeowner says that an improper collections notice on his credit report prevented him from getting a mortgage.
Paul McGreevy told The Star-Ledger that his credit score fell from a 785 to a 661 because of a $241 judgement against him from a telephone provider.
However, the judgement had been made in error. He told the paper that he had cancelled his service and switched to a new provider, but that the old company had mistakenly generated a second account in his name, failed to delete it as promised and then turned it over to a collection agency.
Eventually, the phone company admitted its error, and said it would work to fix the problems with his credit report, but that the process could take some time, the paper reports.
"The unfortunate end result is that I am unable to take advantage of historically low interest rates that would allow me to save hundreds of dollars a month on my mortgage, at a time when we are counting every penny just to get by," McGreevy told the paper.
Experts say it's wise for consumers to regularly review their credit report in order to spot any inaccurate markings and take care of them before they become an issue.