 Reasons for mistakes on your credit report
Credit report errors occur for a number of reasons but they can all have
a negative impact on your eligibility for any future credit. It's important
to stay on top of your credit report to avoid any mistakes made by the creditors
and credit bureaus —Equifax, Experian and TransUnion. Some common
reasons for credit report errors include:
- The individual has applied for credit
under several different names (i.e. John
Doe and Jonathon Doe)
- Someone made a clerical error in entering
or reading information (names, social
security numbers, addresses, etc.) from
a handwritten application.
- Mix ups with common names. For example,
there is likely more than one John Smith
living in New York City and often there
is the chance that information intended
for one John Smith might appear on another
John Smith's credit report as he applies
for a mortgage.
- The individual gave an inaccurate Social
Security number or the number was misread
by the creditor.
- Loan or credit card payments were inadvertently
applied to the wrong account.
No matter what the reason, the erroneous information
could reflect poorly on your credit file, thus causing
approval problems when the time comes to apply for
a job or obtain a mortgage. If you find errors, no
matter how small, be sure you get them fixed, and
make sure that you contact all three credit bureaus
with your change.
F.A.Q
We offer a wide range of services including real estate sales,
financing, and property management. Call us today for a free
consultation @ 916-482-6899 or email us at fay@amerpropmgmt.com.
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