Credit report errors are responsible for a large number of credit scores being lower than they should. Many consumers are not even aware of their low credit score until they apply for a loan or credit card and get turned down. Even then they are confused as to why their credit rating is low, as they had previously acted responsibly with credit. The fact is, not understanding your credit report, what it contains, and how it affects your credit rating, can cripple you financially.
Of course to examine your credit report, which is basically a summary of your credit history, you need to order a copy. You can do this once a year for free from each of the three major credit reporting agencies, TransUnion, Experian, and Equifax. Once you have a copy of your credit report in front of you, there are three major areas you need to look at to ensure thy contain no errors.
1. Your Personal Data. You might not think it, bit many credit reports contain incorrect data. Check to make sure your information is correct, including your name, social security number, your address, the name of your employer etc. Incorrect personal information leaves you more vulnerable to identity theft, and could also be holding you liable for someone else’s bad credit.
2. Number of Inquiries Made About You. Every time you apply for credit, whether it be a loan, credit card, or charge account, the creditor makes an inquiry about your credit rating. Too many inquiries could indicate that you rely too much on credit, and will negatively affect your credit score. If you see inquiries from companies you have not done business with, you need to have them removed from your report immediately.
3. Accounts Information. This section will list all of the credit accounts you have opened in your name. If you identify accounts that you have not opened, this could indicate that you have been the victim of identity theft. Also, if you see an account listed as open that you have paid off, you need to alert the credit bureau immediately
Now for the easy as 1-2-3 part. Repairing credit report errors has until now been a very complicated and drawn out process. Not so with the new EBook by CreditScoreResource.com, Disputing Errors on Credit Reports. This excellent manual gives clear and simple step-by-step instruction for disputing credit report errors at each of the three major credit reporting agencies, Experian, Equifax, and TransUnion. Don’t be a victim of credit report errors. Get your copy of Disputing Errors on Credit Reports and boost your credit rating today.
Tags: credit rating, credit scores, good credit scores, how collections affect your credit rating, how to improve your credit score
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