Credit Repair Coach Explains What The Bureaus Are Not Telling You
Did you know that there is some type of error in around 80% of credit reports? Depending on the kinds of errors made, this can lower your credit score significantly. Plus, these mistakes may even make you pay more for new loans and credit. Sometimes these errors are particularly damaging. Examples of this include accounts that don't even belong to you being listed on your credit history, or an account being reported as late, even if you don't have single late payment
Some typical errors on credit reports are:
41% of credit reports have inaccurate demographic information, including name, addresses, work history, and other personal information.
20% of credit reports fail to list major home loan information, as well as other important loans that show your credit worthiness.
26% of credit reports have accounts that are listed incorrectly as open or "closed by credit grantor". If your credit report shows an account that says "closed by grantor" it looks like you are the one who did something wrong, so it can lower your score.
So what is your best course of action?
Obtain a copy of your report and check it over thoroughly. You will need to check even seemingly basic information such as your name, addresses (current and past), birth date, social security number, and so on. Yes, it's a hassle to have to verify the simplest information, but you should do it anyway.
Carefully review every single account on your report from the first page to the last. Verify that every item is reported correctly. It's especially important to pay attention to credit limits, current balances, account opening date, and recent activity.
Don't forget to pay attention to the inquiries section and see which companies have been looking at your report. If there are companies that you don't remember, you will need to contact them as soon as possible to make sure you have not become a victim of identity theft.
After you have completely reviewed your report, if you have found any errors, you have a few options on how to correct them. You can remove them yourself with dispute letters to the appropriate creditors or credit bureaus, or hire a company to guide you with this, or you may even hire an attorney.
Some typical errors on credit reports are:
41% of credit reports have inaccurate demographic information, including name, addresses, work history, and other personal information.
20% of credit reports fail to list major home loan information, as well as other important loans that show your credit worthiness.
26% of credit reports have accounts that are listed incorrectly as open or "closed by credit grantor". If your credit report shows an account that says "closed by grantor" it looks like you are the one who did something wrong, so it can lower your score.
So what is your best course of action?
Obtain a copy of your report and check it over thoroughly. You will need to check even seemingly basic information such as your name, addresses (current and past), birth date, social security number, and so on. Yes, it's a hassle to have to verify the simplest information, but you should do it anyway.
Carefully review every single account on your report from the first page to the last. Verify that every item is reported correctly. It's especially important to pay attention to credit limits, current balances, account opening date, and recent activity.
Don't forget to pay attention to the inquiries section and see which companies have been looking at your report. If there are companies that you don't remember, you will need to contact them as soon as possible to make sure you have not become a victim of identity theft.
After you have completely reviewed your report, if you have found any errors, you have a few options on how to correct them. You can remove them yourself with dispute letters to the appropriate creditors or credit bureaus, or hire a company to guide you with this, or you may even hire an attorney.
About the Author:
Home Buddies is a real estate investor credit repair coach. Starting with their free session for site visitors, Home Buddies develops and implements a customized strategy to improve credit and creates a business development strategy to help real estate investors or homeowners overcome problems to financing properties and building their portfolio.
posted by Debt Consolidation Loan at
7:22 PM
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