How to Identify and Fix the Most Common Credit Report Mistakes (Part 1)

June 8, 2013

Common credit report mistakes, such as inaccurate information regarding debt and credit history, should be fixed to prevent unnecessary damage to borrowers’ credit scores.

Common credit report mistakes, such as inaccurate information regarding debt and credit history, should be fixed to prevent unnecessary damage to borrowers’ credit scores.

Your credit score is a powerful number that can make the difference between whether you can secure a loan or mortgage and, if so, what your interest rate will ultimately be. While your credit score is determined by the information on your credit report, it’s important that borrowers know that:

  • Credit reports commonly contain mistakes.
  • These mistakes can unnecessarily damage credit scores.
  • Requesting a copy of the credit report at least once per year and thoroughly reviewing it can help borrowers pinpoint mistakes and take action to fix them.
  • Fixing the mistakes on a credit report can help boost a borrower’s credit score to where it should be.

Common Credit Report Mistakes

If you have recently requested a copy of your credit report, keep your eyes peeled for these common mistakes:

  • Inaccurate personal information – Your credit report should have your proper name, current address, marital status and other personal information. Inaccuracies with any of this information will need to be fixed.
  • Mistakes regarding your credit history – Common mistakes related to your credit history may include listings of late payments (that may have not actually been late) and/or debt (that may have been paid off or discharged through bankruptcy).
  • Debt that you did not personally acquire – If you notice that there is debt listed on your credit report and you did not personally acquire this debt, you may be the victim of identity theft. In such cases, you will need to contact the creditors and/or bank who have listed this debt to resolve the problem.

If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. Our experienced legal professionals are committed to providing each of our Clients with the debt relief assistance they need, and we will work tirelessly to ensure that our Clients’ cases are resolved as favorably and efficiently as possible. For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950.

Categories: Bankruptcy, Blog, Colorado Bankruptcy Lawyers, Credit, Credit Reports, Credit Score, Debt Relief