Your credit report is a very detailed depiction of your credit history that is used to determine your credit score. Consequently, your credit report may become very important when you are ready to make larger purchases (like, for example, when you are ready to buy a home or a car). While you want to be able to trust that the information on your credit report is accurate, unfortunately, it’s all too common that minor to serious mistakes pop up on people’s credit reports and that these errors end up negatively impacting their credit scores.
In fact, according to research conducted by the Federal Trade Commission (FTC), about 1 in 4 people’s credit reports have some type of errors on them. Because spotting and fixing these errors is usually up to the consumer, make sure that:
- You regularly check your credit report. Financial experts recommend that people carefully review their credit reports at least once every year (or, better yet, once every six or so months).
- You know what some of the most common errors are so you know what to look for.
In this two-part blog, we will discuss the four most prevalent credit report mistakes that people should beware of.
Credit Report Mistake 1: Personal information errors.
The first thing to look at when you review your credit report is the personal information. Make sure the following information about you is correct:
- Your name – Your full legal name, correctly spelled, should be on your credit report. If there are mistakes with your name, this can lead to information from other people with similar names being incorrectly listed on your credit report and, in the worst cases, impacting your credit score.
- Your address – If there is an old address listed on your credit report or there are any errors regarding your address (like, for instance, the wrong apartment number listed here), this could create problems in that your credit information may end up being sent to the wrong locations. While this may mean that you don’t ever receive important information regarding your credit or your credit report, it could also end up putting potentially sensitive credit information in the hands of people who may misuse it to exploit you.
- Your marital status and any other personal information listed on the report – Any other mistakes regarding your personal information can end up having minor to significant effects when it comes to your credit, so take care review this information thoroughly to figure out if there may be any other errors that need to be fixed.
Be sure to look for the upcoming second part of this blog for our continued discussion regarding common credit report mistakes you should look for when you regularly check your credit report.
Colorado Bankruptcy Lawyers at the Law Office of Jon B. Clarke, P.C.
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. For more than 35 years, Mr. Clarke and his diligent support staff have been successfully helping our clients resolve even the most complex bankruptcy cases for both individuals and businesses alike. Our experienced legal professionals are committed to providing each of our Clients with the personalized 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 or email us some details about your situation by clicking here.