Help Me Hank: Credit Report

--A credit card

--A school loan

--A new car

Though a Annmarie's a financial newbie, even she knows what she needs to get those things. A clean credit report.

Annmarie Maccioli
"That's what they always look for."

But Annmarie, a student, has just entry-level experience in the world of interest rates and credit ratings.

Annmarie Maccioli
"I have an ATM card and that's it."

So Mom instructed time to start building a credit history.

Nancy Maccioli
"I think it's very important."

So Annmarie, filled out the application for her very first credit card and sent it in.

But she got a baffling reply from the three credit bureaus.

Annmarie Maccioli
"I was denied because of my history of deliquent credit."

History? Delinquent credit? Annmarie didn't have a credit history at all.

Annmarie Maccioli
"I've never had a credit card in my life"

Mom called up each bureau-- and they were unconcerned.

Annmarie Maccioli
"If I sent them all my information, they'd be able to straighten it out."

But when Annmarie tried again--

Annmarie Maccioli
"I got denied."

So mom called again.

All she got was denials.

Nancy Maccioli
"I was just completely stymied."

All Annmarie wanted was a credit card. All she heard was no.

Annmarie Maccioli
"One of my brother's said get in touch with help me hank and maybe she could do something."

We knew clearing her credit report could be a challenge.

MASSPIRG found 79 percent of credit reports have errors-- 25 percent of them serious.

Deirdre Cummings, MASSPIRG
"Those errors would result in a denial of credit, a higher rate if you were to get credit, sometimes a denial of a job or even housing."

And what's more, MASSPIRG's study shows those errors are tough to fix.

Deirdre Cummings, MASSPIRG
"It took an average of 2 years and over $700 to clear up errors on their credit report."

We called the credit bureau and asked how they could think Annmarie was high risk.

Turns out, the credit bureau mixed up her record with a distant relative who lives in Maine or somewhere.

After our call the credit bureau unmixed and sent Annmarie's very own clean credit report right away.

And now - a financial novice no more Annmarie can share her wisdom.

Annmarie Maccioli
"Always check. If you get denied always check to make sure why."

Experts say you should check your credit report once a year--and in Massachusetts that's free and its easy.

For more on MASSPIRG's study click here:

http://masspirg.org/reports/MistakesDoHappen2004MA.pdf

To request a free copy of your credit report, contact the three credit bureaus:

http://www.equifax.com/

http://www.experian.com/

http://www.transunion.com/