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| Credit Bureaus Won't Tell You About Inaccurate Scores |
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| Written by Cliff Pape |
| Saturday, 14 March 2009 10:18 |
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Were you aware 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 harmful. 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 Here are some common mistakes 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 This information is often outdated or incorrectly spelled. 20% of reports are missing major mortgage loan data. Also, other loan information that proves you are credit worthy. 26% of credit reports show accounts that are improperly listed as open or "closed by credit grantor," rather than closed at your request. This can make it seem as though the creditor had cut you off, possibly reducing your score. So what are you going to do now? First, get a copy of your report and review it in detail. This includes even basic information like your name, address, date of birth, social security number, and so on. Yes, it's a pain to have to verify the simplest information, but sometimes that's just the way it goes. 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 forget to pay attention to the inquiries section and see which companies have been checking 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. After you've gone through your credit report with fine tooth comb, you'll need to address any errors you find. There are a few ways to go about this. You can write dispute letters yourself to the creditor or the credit bureaus, work with a company to help you in this process, or seek out the services of an attorney. 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. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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