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Act When You Find a Credit Report Error

By Karen Anderson
Published: Monday, October 12th, 2009

Your credit report is prepared by credit bureaus but most of the time, the information that they put in their report are erroneous. In fact, 76% of the time, credit bureaus are making inaccurate assessment of your credit scores. This is why credit report tips contain information on how you can be prepared should you encounter an inaccurate assessment on your credit report. You should take action if you are wrongly assessed.

You should be familiar with your credit report such that you can easily tell if something is not right. If you are quick to identify an error then you can also be quick in rectifying it. If you are unfamiliar with your credit report and you take some time before you can identify and rectify credit report errors, then the interests can increase and you can lose thousand of dollars over time. If you follow credible credit report tips then you can increase your credit scores. Corrected errors on credit reports can earn you 20 to 30 points. If a bankruptcy report is corrected, you can earn up to 100 points or more.

Take charge of your life by not being afraid to dispute a credit report that contains inaccurate information. You can choose to dispute erroneous information because it is your right. In fact, a reinvestigation is for free and the law requires federal credit bureaus to investigate all credit dispute information. Trust the credit report tips that are consistently encouraging you to do this. If you are successful in correcting inaccurate information, then you can be correcting more records and not only your credit report. Credit report laws oblige the source of the inaccurate information such as a bank to rectify the errors at any of the credit bureaus where they have submitted the incorrect information.

Credit report errors that are usually encountered are as follows: wrong report of failure to pay a loan or debt, misfiling of a department store concerning a credit card account, and cases of mistaken identity among family members bearing the same name where the fault of one may be mistakenly recorded as the fault of the namesake. Credit report tips also caution you to watch out for identity theft where a person may open an account using your name without your knowledge or approval.

If you encounter an error in your credit report and score, what should you do? You should get hold of a proof that there is indeed an error usually a letter from the lender admitting the mistake. Write to the credit bureau agency to inform them of the error as soon as possible. There are some credit bureaus who offer services where you can correct an error online. Remember that there are no sure results as removing errors may or may not help your credit score. Just follow useful credit report tips so you can be guided on how to act calmly and rationally should you encounter errors on you credit report. Panicking will definitely not do you good.

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