What types of errors appear on credit reports?
Many people are surprised to learn that the knowledge on their credit report could be incorrect. While it may be difficult to believe, a variety of errors will be disclosed when finally people take the time to carefully examine things.
When reviewing your credit report, you may discover one or more mistakes, such as, but not restricted to:
- Incorrect name, address, or phone number
- Incorrect account status
- Incorrect balance or credit limit
- Inaccurately listed as the owner of an account
- Listing of deleted accounts
- Listing of the same account multiple times
- Listing of accounts that are a result of identity theft
What can I do if I discover errors on my credit report?
When consumers discover incorrect information on one ‘s credit report, or if they merely have issues or queries about the accuracy of the information, the best thing they can do is have it rectified or removed. If you discover errors in your credit report, you have 3 choices: dispute this same information with the trying to report the creditor, company, or organization, dispute the data with the consumer credit bureaus, or disagree with the data with both.
How can I benefit from correcting errors on my credit report?
Multiple factors influence your credit score, and even if you don't know what the outcome will be, you should think about what might happen if you don't dispute these errors. For example, suppose you paid your credit card bill on time, but the creditor noted it was paid a day late.
Late payments, one of the variables used to ascertain your credit score, provide information about fees paid on your credit accounts, most notably whether or not money is paid on time and how frequently. As a result, if negative info, such as a missed payment, is reported, your credit score may suffer.
When people have been seeking ways to improve their credit score, one thing they take into account is disputing errors. Because credit reports contain so much information, there is indeed a lot that could be wrong. A change in status on a recent credit card account or the removal of an acct that wasn't yours can result in a change, even if it is only a few points.
Everyone understands that having a good credit rating can open new doors. You may want to buy a home or ask for a new credit or debit card at some point, and you'll want to make it important to have a good credit score. If your report contains incorrect information, you may be unable to access the items you require until the issues have been resolved.
Need assistance quickly to remove mistakes from your credit report and raise your credit score? Please contact us right away.