The Most Vital Credit Report Information

The information contained in your Credit Report is used to ascertain what sort of credit risk you are, mostly to lending institutions and insurance companies. It is vital that the information in your personal credit report is true and correct, or it could be used as the basis to turn you down for a mortgage, or the hire purchase on a car. It is in your best interests to be aware of what is on your credit report and to make sure that it is true and correct.

What If There Is Inaccurate Information?

If there is something on your report that is out of the ordinary, there is a chance that someone has used your personal information to commit fraud. The bad credit accrued when someone has used your identity comes up on your report. In this case it is in your best interests to take action straight away to make sure that it doesn’t continue happening.

There are often smaller mistakes that are made when credit bureaus compile your information. It has been suggested that up to 70% of credit reports contain errors, so it is best to check and correct these as soon and as regularly as possible. Even small errors can end up costing you thousands of dollars in higher interest rates. By law, credit-reporting companies must investigate all reported errors. The source of the inaccurate information must update their records once the correct information has come to light, so it is in your best interests to report inaccuracies as soon you are aware of them. 

So What Do I Do If I Find Errors In My Credit Report?

The first thing to do is to let the credit agency know. The next step is to get proof of the error. Request a letter from the creditor. Once the details are corrected you can request a new credit score. The details may or may not affect your new credit score.

If you suspect that the inaccuracies are fraud, then contact the fraud departments of all three nationwide credit bureaus so that they can put a fraud alert out on your file. The next step is to go to the police and report the identity theft. Close accounts that have been opened up in your name, and contact the companies that those accounts were with, letting them know the situation.

Contact the Social Security Administration, and the Department of Motor Vehicles to make sure that no one has applied for a job under your name, or a license.

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