Credit Repair - Step #2


Credit Repair - Step #2:

Identify ErrorsAs you review each credit report, you should search for any information that is not accurate with your records.

The following potential issues are the most common that you see on credit reports that can cause problems for you as a consumer:

Mistakes in personal information, including name (and aliases/variations), Social Security Numbers or addresses. Incorrect aliases and social security numbers in particular can cause problems, because you could be held reliable for someone else’s bad credit habits. Errors on past addresses and employment history may also occur, but should not have a significant impact on your credit rating. Mistakes in account listings and statuses. This includes anything from outdated account statuses, mistakes with late payments, incorrect current account balances, and duplicate listings of the same account.

Account duplicates are especially a problem, because they mean the credit bureau thinks your debt burden is bigger than it actually is— especially when it comes to a big debt like your mortgage. Incorrect public information and penalties including bankruptcies, judgments, liens, delinquencies and collection accounts. We’ll discuss how long these can be reported shortly.

Credit inquiries from companies you don’t recognize. Every time a company needs to review your credit report, it creates what’s known as a credit inquiry. While the companies and their inquiries may be legitimate, inquiries into your report from companies you don’t know can sometimes indicate fraud. In addition, too many credit inquiries in a six month to one year period will damage your credit scores.​

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