Periodical checking of credit reports helps you to know your credit rating and credit score besides giving an idea of your financial position. This also helps in finding the mistakes in credit report, if any. This article deals with information on credit report mistakes:
- What are the common credit report mistakes?
- How can you deal with a credit report mistake caused by computer?
- What do you have to do in case of identity theft?
If you order your credit report to check your credit rating and credit score, congratulations – you are taking a key step towards making sure that your financial life runs smoothly. However, if you find a mistake in your credit report, there is no need to panic. Even if your credit report is affected by mistakes, there are several things that you can do to resolve the problem and enjoy a better credit rating.
Name and identity problems
One of the most popular mistakes on credit reports has to do with identity. If your name is spelled incorrectly or if you have a lot of dings on your credit report that are not your own, there may be a problem with identity. If your name is not correct on your credit report, your lenders and other businesses may not be getting accurate information about your credit history. If your name is very similar to someone else’s, you may find dings on your credit report from someone else. One way to fix this problem is to contact the credit bureaus and determine your name and correct identifying information. You will also find it easier to avoid this problem if you use the same name and same name spelling for all your official correspondence and business needs. If you apply for some loans as John Q Doe and for other loans as John Doe, for example, mistakes may be more likely to occur on your credit report. To avoid these credit report errors, always use the same name.
Identity Theft Problems
If you notice mistakes on your credit report from accounts that you do not have, you may have a problem with identity theft. This can be serious. Credit identity theft means that someone else is using your name to open accounts and drain them with no intention of repaying. You may be a victim of this if you notice a lot of unrecognized accounts on your credit report that have very poor repayment histories. If you think that you have been the victim of identity theft, contact your law enforcement agency and credit bureaus right away. Also contact your credit card companies to alert them to the problem and to prevent anyone from charging your credit cards.