Debt Free Destiny

It is basically foolish to think even if your credit score is considered excellent that your credit report is perfect. The reality is that on one in every four credit reports there will be a mistake. These mistakes are often caused by errors in reporting to the credit agency. For instance, your credit card company could inadvertently report information to one of the three major credit bureaus that should have been reported on someone else’s report. This information, though false, can negatively impact your credit score through no fault of your own. However, the blame can ultimately be placed on you for not getting copies of your credit reports, at least twice a year, and analyzing them for errors.

Mistakes and More

In some cases, whole accounts can be contributed to the wrong person by simple error. Of course there are times when fraudulent activity will be detected but many consumers will find mistakes upon ordering their credit reports. Imagine having an entire account added to your credit report that is not yours. Not only that but consider what would happen if that account was in delinquent status. This kind of information can seriously damage your own credit score and only when you go to apply for a line of credit and get denied will you be aware of the situation if you do not request and review copies of your own credit report.

Analyze Line By Line

You will need to be aware that the three separate reporting agencies will maintain their own credit file on you. You will need to request information about your credit report for all three: TransUnion, Experian, and Equifax. When you do get a copy of your credit reports, you need to look over each account and be sure the information is accurate. Check for accounts you may have closed and be sure they are no longer listed as opened. Beyond your account status, you also need to carefully review the more basic information, such as your name, address, and social security number. Make sure the information is correct and that it is yours.

Take Action With Errors

While browsing line by line through your credit report, take the time to make notes about anything that is wrong. When you have completed the review, find out how each of the agencies require that your report errors on reports. You will need to submit, in writing, which information you dispute. The credit reporting agencies have an obligation to investigate every claim and act accordingly. Even if your address is listed incorrectly, you need to report the information as soon as possible. The credit agencies will follow up with you in regards to the results of their investigation. Having and maintaining good credit is an on-going process and you will find that your persistence pays off in a big way when your credit score rises after mistakes have been corrected.