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What's wrong with a wiggling chuck/drill bit?

What's wrong with a wiggling keyless chuck/drill bit? Is it the shaft or the chuck that is defective, how would I know?
stycch, October 2007
Screw the chuck to fully open. Look down inside the chuck and there may be a screw in the centre. Try tightening it and see if that helps.

Tbird, October 2007