AUG 28, 2013
According to the Consumer Data Industry Association, only a small fraction, 2.2% of reports, have material errors. These errors dont impact your credit score or risk level but you will still want to contact the credit bureau reporting the information, and dispute the inaccurate information.
If you suspect there are inaccuracies, gather any information on hand that can support your case. Dont forget to keep a log of all the steps you take throughout the process and obtain copies of any records or papers.
However, if there is an account listed thats not yours or an inquiry you did not authorize, these could be signs of identity theft. Youll want to report that information immediately and take steps to ensure that you can fully recover from identity theft.
Carefully check each section of your credit report carefully reviewing personal information, credit lines and account information. If your score has recently dropped and you havent had any major changes to your credit behavior happen, you may want to check if inaccurate information has been accidentally reported by a lender to your credit report.
Checking your report at least once a year is a good habit to develop. Not only does it help you monitor your finances, but it also ensures the information listed is up-to-date and correct. If you believe there is information listed incorrectly, you have the right to dispute the information.
This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.
Published by permission from ConsumerInfo.com, Inc. © 2013 ConsumerInfo.com, Inc. All rights reserved.