More and more Americans are reporting errors on their credit reports

ABC's Deirdre Bolton joins "GMA" with some advice about credit score management.
2:36 | 02/27/21

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Transcript for More and more Americans are reporting errors on their credit reports
And we're back now with "Gma." Money matters as if the job losses and other forms of economic insecurity caused by the pandemic were not enough, here comes another financial headache. An increasing number of Americans are now reporting errors on their credit reports. ABC's Deidre Bolton is here with some advice. Deidre, good morning to you. Reporter: Americans are filing complaints at record numbers with the consumer financial protection bureau. It started in March 20 with the C.A.R.E.S. Act which was, of course, passed to help consumers, but there were some unintended consequences. So that act mandated that banks and lenders offer deferred payments on federally backed mortgages and student loans but report them as current. So, of course, the idea here was to take pressure off consumers, since they didn't have to pay for those loans if they were out of a job, long story short it was supposed to buy people time but other businesses such as credit card companies and auto lenders while they tried to follow the spirit of the C.A.R.E.S. Act and also defer some of these loans. They mistakenly reported some of these deferred payments as late, which hurts people's credit score, sometimes by as much as 100 points and when your credit score is weaker any borrowing that you do is more expensive. So even if you aren't seeking a loan, your credit score matters. Potential landlords, cell phone, cable companies, employers, they may view your credit score and use that information deciding, for example, how much to charge you, how much of a depos to require of you and in extreme cases even whether or not you get a job offer. This sounds like a nightmare, Deidre. What should we do? Keep on top of your credit score. You can go to annualcreditreport.com to request a free credit report. Agencies are providing free weekly online reports through April 2021. If an agency has incorrect information, file a complaint. Consumerfinance.govcanhelp. You can sue a company over most law firms will not require payment upfront to review your case. If you're having trouble finding an attorney, the national foundation of consumer advocates has its on site. Back to you guys in the studio. Deidre, thank you so much.

This transcript has been automatically generated and may not be 100% accurate.

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