It isn’t uncommon for people to find errors in their credit score reports. Monitoring your score can help you ensure that the information is correct. Even the smallest of errors can cause irrevocable harm while applying for your student loan or mortgage. Here’s a list of all possible errors that your report may have:
Identity errors
These are some of the most noticeable mistakes on credit reports. However, if you don’t go through your documents with a fine-toothed comb, you’re likely to miss out on these. Misspelled name, wrong address, and contact number can damage more than one can imagine.
Furthermore, if you’ve been a victim of identity theft, you may find information on retail credit card accounts that you didn’t open and use. Information mix-up can also lead to someone else’s credit card data being reported under your name. So make sure you keep an eye on these errors.
Incorrect account status data
Credit score reports may also have incorrect data regarding your account status. In some cases, closed accounts may be reported as open, and you may be considered an account owner when you’re just an authorized user. You should also check the data for your last transaction and report any discrepancies in the date or amount.
Sometimes, the same debt can be listed more than once. This happens when a lender or creditor undergoes acquisition. So make sure that there are no duplication errors.
Balance errors
When your credit card limit or balance is misreported on your credit score report, lenders may make the wrong judgments about your spending habits. If you don’t want that to happen, check your credit report for incorrect balance or credit limit errors. In case you find any, file a dispute with the credit bureau from which the error was found.
Getting any error fixed from the responsible credit bureau won’t cost you money, but it would take some time. You may have to wait for a month before you receive a corrected report. So make sure you plan accordingly.
Get help from experts in the field
Are you looking for ways to improve your credit score? At 007 Credit Agent, our credit score experts in Irvine and Burlington work closely with clients to boost their credit score. We guarantee that your credit score will see a significant boost in 90 days after availing our service.
