Credit Bureaus Won't Tell You About Inaccurate Scores
Did you know that there is some type of error in around 80% of credit reports? Depending on the kinds of errors made, this can lower your credit score tremendously. Plus, these errors may even make you pay more for new loans and credit. Sometimes these errors are particularly bad. Examples of this include accounts that don't even belong to you being listed on your credit history, or an account being reported as late, even if you don't have single late payment
These are some of the most prevalent mistakes on credit reports:
41% of reports have the wrong personal demographic information which includes it being out of date, or misspelled.
20% of credit reports fail to list major mortgage information, as well as other important loans that show your credit worthiness.
26% of credit reports improperly report accounts that you have closed. These may be reported as open, or as "closed by credit grantor." This could make it seem as though the lender cut you off due to poor payment history.
So what is your best course of action?
Get a copy of your credit report! Start looking through it completely. Yes, this means look at the identifying information such as your name, address, date of birth, social security number, etc. It's crazy that we have to be concerned with the most basic information, but that's life.
Make sure that you take a close look at every single account entry on your credit report, from start to finish. You'll need to verify that each account is reported correctly. Pay especially close attention to credit limits, balances owed, open date, and current activity, etc.
Don't overlook the creditor inquiries section to find out which companies have been reviewing your credit history. If you see companies listed that you don't recall applying for credit from, you should contact these companies right away and verify that someone hasn't been using your personal information to apply for credit with some kind of identity theft scheme.
After you have completely reviewed your report, if you have found any errors, you have a few options on how to correct them. You can delete them yourself with dispute letters to the appropriate creditors or credit bureaus, or hire a company to guide you with this, or you may even hire an attorney. - 16931
These are some of the most prevalent mistakes on credit reports:
41% of reports have the wrong personal demographic information which includes it being out of date, or misspelled.
20% of credit reports fail to list major mortgage information, as well as other important loans that show your credit worthiness.
26% of credit reports improperly report accounts that you have closed. These may be reported as open, or as "closed by credit grantor." This could make it seem as though the lender cut you off due to poor payment history.
So what is your best course of action?
Get a copy of your credit report! Start looking through it completely. Yes, this means look at the identifying information such as your name, address, date of birth, social security number, etc. It's crazy that we have to be concerned with the most basic information, but that's life.
Make sure that you take a close look at every single account entry on your credit report, from start to finish. You'll need to verify that each account is reported correctly. Pay especially close attention to credit limits, balances owed, open date, and current activity, etc.
Don't overlook the creditor inquiries section to find out which companies have been reviewing your credit history. If you see companies listed that you don't recall applying for credit from, you should contact these companies right away and verify that someone hasn't been using your personal information to apply for credit with some kind of identity theft scheme.
After you have completely reviewed your report, if you have found any errors, you have a few options on how to correct them. You can delete them yourself with dispute letters to the appropriate creditors or credit bureaus, or hire a company to guide you with this, or you may even hire an attorney. - 16931
About the Author:
Home Buddies is a real estate investor credit repair coach. Starting with their free session for site visitors, Home Buddies develops and implements a customized strategy to improve credit and creates a business development strategy to help real estate investors or homeowners overcome problems to financing properties and building their portfolio.
posted by Edgar at
01:07
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