Were you aware that about 80% of credit reports have some type of wrong information in them? Different types of errors can have a big affect on lowering your credit rating. Not to mention these mistakes may be making you pay more for the loans you are getting. Some of the errors are as serious as accounts that are not even yours, or even false delinquencies.
Some typical errors on credit reports are:
41% of credit reports have inaccurate demographic information, including name, addresses, work history, and other personal information.
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 have accounts that are listed incorrectly as open or "closed by credit grantor". If your credit report shows an account that says "closed by grantor" it looks like you are the one who did something wrong, so it can lower your score.
So what are you supposed 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.
Be sure that you look at all of the accounts listed from start to finish. Be sure that all the information is recorded correctly for the account. Especially the credit limits, current balances, date it was opened, date of the last activity, etc.
Don't forget to look into 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. - 15790
Some typical errors on credit reports are:
41% of credit reports have inaccurate demographic information, including name, addresses, work history, and other personal information.
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 have accounts that are listed incorrectly as open or "closed by credit grantor". If your credit report shows an account that says "closed by grantor" it looks like you are the one who did something wrong, so it can lower your score.
So what are you supposed 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.
Be sure that you look at all of the accounts listed from start to finish. Be sure that all the information is recorded correctly for the account. Especially the credit limits, current balances, date it was opened, date of the last activity, etc.
Don't forget to look into 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. - 15790
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.