Credit Repair Coach on Inaccurate Scores - A Credit Bureau Secret
You probably didn't know that around 80% of all credit reports contain some kind of error. Unfortunately, depending on the number and types of errors, this can have a serious negative impact on your score. What's more, this can cause you to end up paying more for loans and credit cards. Some of these errors can be pretty severe. For example, you might find false delinquencies reported, or even accounts that don't belong to you at all!
These are some of the most prevalent errors on credit reports:
41% of credit reports show inaccurate personal data, like name, address, job history, etc. This information is often outdated or incorrectly spelled.
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?
Obtain a copy of your report and check it over thoroughly. You will need to check even seemingly routine data like your name, addresses (current and past), birth date, social security number, and so on. Yes, it's a hassle to have to verify the simplest information, but you should do it anyway.
Be sure that you look at all of the accounts listed from start to finish. Make sure that all the information is reported correctly for the account. Especially the credit limits, current balances, date it was opened, date of the last activity, etc.
Don't forget to pay attention to the inquiries section and see which companies have been looking at your report. If there are companies that you don't remember, you will need to contact them as soon as possible to make sure you have not had your identity stolen.
If you find any errors after you're reviewed your entire credit report, there are some options for having corrections made. You can write dispute letters yourself to the credit reporting agencies, hire a company to assist you with the process, or even obtain the services of a lawyer.
These are some of the most prevalent errors on credit reports:
41% of credit reports show inaccurate personal data, like name, address, job history, etc. This information is often outdated or incorrectly spelled.
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?
Obtain a copy of your report and check it over thoroughly. You will need to check even seemingly routine data like your name, addresses (current and past), birth date, social security number, and so on. Yes, it's a hassle to have to verify the simplest information, but you should do it anyway.
Be sure that you look at all of the accounts listed from start to finish. Make sure that all the information is reported correctly for the account. Especially the credit limits, current balances, date it was opened, date of the last activity, etc.
Don't forget to pay attention to the inquiries section and see which companies have been looking at your report. If there are companies that you don't remember, you will need to contact them as soon as possible to make sure you have not had your identity stolen.
If you find any errors after you're reviewed your entire credit report, there are some options for having corrections made. You can write dispute letters yourself to the credit reporting agencies, hire a company to assist you with the process, or even obtain the services of a lawyer.
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 Debt Consolidation Loan at
5:29 AM
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