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Is Your Credit Report Correct

Written by paul on April 17th, 2006 with no comments.
Read more articles on Credit Help.

Almost 75% of all credit reports contain some type of error As your credit report and credit score are the primary factor used by lenders and credit card companies to determine your credit worthiness it is important to ensure your credit file is accurate.

Errors in your credit file will affect your ability to get an auto loan, credit card or mortgage but more importantly your credit score is the primary factor used to determine the interest rate you will pay on any loan.

There are a number of different types of errors that affect credit reports, the most common being common typographical errors such as the wrong age, missing address or incomplete name. While these may seem like minor errors that can have a dramatic effect of your ability to obtain credit. In most cases if the information you submit in your credit application does not match the record on file with the credit bureau your application could be declined or you will end up paying higher interest.

A substantially more serious type of error is an incorrect payment record that show late or missed payments. It is extremely important that you take steps to correct this information immediately. If you discover accounts that you can’t recall opening yourself it is important to follow up on these accounts to ensure you are not the victim of identity theft.

If the error is showing a record of late payment or missed payments and you are sure you have not missed a payment. Contact the credit issuing company and obtain proof then send this information to the credit reporting agency. Many consumers do not realize that it is their responsibility to correct errors . TFor this reason, you should always keep a file of your payments and a log of any calls or correspondence you have regarding your bills and payments.

Topics: Credit Help |

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