Your credit report needs a thorough examination to determine the overall “health” your credit has.
A credit report is used by possible loan lenders to check the worth of a person’s credit.
Your consumer identity may need a little tune up, so you’ll need to check and correct errors.
The credit report you have is much more than an assortment of information on your creditors. Potential lenders look at how much money you owe creditors and if you’ve paid them or not.
Almost three-fourths of credit reports have errors, so you need to have an accurate credit report as your top priority. An error may be something as small as the wrong initial to your middle name.
Progressively, you may have the wrong home address stated on the report. It could be worse still, like a credit report claiming you were behind on a payment even though you weren’t.
Go over that credit report with a fine toothed comb for errors. If there is any mistake whatsoever, immediately contact credit firms and your creditor.
It may not appear to be a problem for you, but potential lenders may turn you around for simple faults.
There are two very common mistakes in credit reports: Faulty information on accounts, and wrong records of any late payments.
If you see an account that isn’t yours, then you must get in contact with the credit issuer as soon as possible. An account that hasn’t been opened by you may end with a charge of identity theft.
Most likely, it won’t grow to such a grim problem, and won’t be more than a mere oversight. An account that isn’t yours is usually an account that belongs to someone in your family.
There may be a problem in a report saying you have or have had a late payment, even if you didn’t. Before this dilemma can be righted or erased, you need evidence to back yourself up.
A common report error is a payment being put as “late” although it was really “on time.”
The FCRA (Fair Credit Reporting Act) necessitates credit administrations to correct incorrect data on credit reports.
You’ll have to get in touch with both creditor and credit bureau about the error. Remember, the problem on the report can be corrected.