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Errors to watch out on a Credit report

By Faye Mergel
Published: Saturday, August 7th, 2010

23Consumers should be aware of mistakes in their credit Report. This was pointed out by Linda Sherry, National priorities Director of Consumer Action. Beware! Once somebody you do not know calls to inquire on someone’s debts, your address, correct spelling of your name or any information about you, this could enter on your Credit Report. Unsolicited incoming calls are usually the start of alterations in your Credit Report.

This, after many victims complained of overdue debts, rented apartment which they do not have any knowledge of, unpaid bills and services which were never delivered and many other changes which affected their financial status.

Survey shows that up to now, there have been a surging number of complaints over negative information found in their credit report. Just like what happened to Bruce A. Summerfield of Blackwood, N.J, where he was surprised to find out in 2007, he had not paid $1,075 he owed to AT&T as reported by Equifax. This shows that even Credit reporting Agencies may tag wrong information in your Credit report and should be among those to be checked every now and then.

Angie from Dallas suffered from the same fate when she found out that her Credit Report has been altered because of wrong entries. “There are millions of people who are not given credit or a job  due to one of those mistakes,” says Mr. Mierzwinski, who is the director of  consumer program in the U.S. Research Group on Public Interest. Other experts added that customers should be vigilant in guarding their Credit Report to spot this kind of error to avoid going for a lawsuit which might drain you more cash.

On the other hand, victims say that errors either major or minor in the Credit Report are not just there to correct. It can turn your life into a living hell as it is difficult and takes time to correct so you have to live up to its consequence. As a result, it can cause you sleepless nights, disturbed eating patterns, affect your typical day including your social relationship with people around you.

Errors are done because not only consumers are careless and negligent but including Reporting Companies and debt collectors as well. Linda Sherry went on pointing that people involved in collecting debts should not release any piece of information to the Credit Reporting Agencies. “I think it is a major problem,” she said. 

Since errors can enter anytime and usually difficult to avoid, consumers are advised to include in their habit the regular checking of the information in their Credit report. After all, it is the costumer who always suffers the consequence of it all as Equifax reasoned in its lawsuit that “any harm suffered by these plaintiffs is not the company’s responsibility”.

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