It’s a lot easier to check your credit report when you know what the typical error Yes.
You may have heard how important it is to check your credit report errors. Federal Trade Commission study found that one in five consumers on their credit report errors, because you are entitled to three free credit bureau report per year, it makes sense to review your regularly.
Therefore, your opinion words, and asked the company from Equifax, Experian, TransUnion and your credit report. This leads to the question – what exactly are you looking for
Help you catch any errors on your credit report, here are the most common
1 . Inaccurate personal information
A good place to start is your personal information, including your name, address and telephone number. If any of this is not true, it could mean that the credit bureau mistake you for someone else. In this case, it may be someone else’s account belongs to your credit report listed.
2. Duplicate accounts
Your report can have the same credit card or loan listed more than once. This may result in inaccurate information:
- Credit utilization
- Total liabilities
- Credit account
- The age of your credit account number
Those inaccuracies on your credit score adversely affect and make it more difficult to get approval when applying for a new loan.
3. Accounts you did not open
If you do not have an account on your credit report, open, or it may be an indicator of identity theft. Criminals often use other consumer personal information to open credit card or apply for a loan, this is known as a new account fraud. From 2017 to 2018, a new credit card account reporting fraud increased by 24%.
Another possibility is that someone else’s account is over your credit file. This happens, especially with consumers who have the same or very similar names.
4. Incorrect account status
You may be down, but still listed as open, and vice versa account. This may affect your credit utilization ratio, total debt, and the average age of your credit accounts.
When the creditor account status reports to the credit bureaus, they also reported that if an account is in arrears in its payments or current, which means that payments more than 30 days overdue. Because payment history is your credit score, which is incorrectly reported as delinquent account a large part is that you need an immediate fix some things.
5. Incorrect balance
Creditors usually report once a month the balance, so you should not have any differences on these guarantees. Incorrect balance may result in your credit utilization appear higher than it should be.
6. Incorrect credit line
You should make sure that all credit cards are listed in the right line of credit. If the credit has gone up recently, due to the issuer credit bureau may limit false positives old this is especially true. If the credit line is not accurate, it can be negative vely affect your credit utilization.
7. Incorrect payment record
In addition to checking your account does not have mistaken the state of arrears, to ensure that there have not been any incorrect reports late payments in the past.
8. It should have been deleted record
As well as how long items can remain in the time limit on your credit file. For example, the Chapter 7 filing for bankruptcy can stay on your credit for 10 years, and the Chapter 13 filing for bankruptcy can stay on your credit for seven years.
Although the project should automatically move your files off after this period, this does not always happen. If you have any negative item on your credit file, you need to know how long they can legally stay there, and call d get if they delete oesn’t happen automatically.
what to do with your credit report errors
If you find an error on your credit report, you should raise objections to the report issued by credit institutions. All three credit bureaus allow you to submit the dispute to the Internet. Depending on what you argue, it may help to provide supporting documentation. For example, if you have your credit report errors late payments, you can provide a paymentConfirmation of your payment on time.
Credit bureau will investigate. It is assumed find your dispute is valid, the error will be removed from your credit report.
Although the dispute is very simple, the investigation may take some time. That’s why you want to monitor your credit and checking your fame it reported at least once a year. By keeping on top of your credit, you’re more likely to catch errors before they cause problems in your life.