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Your Credit Report Score Has Errors, What To Do About It

Feb 23, 2008
Almost everyone knows that there is a credit report on them "somewhere" but surprisingly few people know more than that, mostly because they don't think they need to know. The truth of the matter is that nothing could be more incorrect, and what you don't know is almost certainly hurting you in this case.

Equifax, Experian, and TransUnion are the three major credit reporting companies and they think they know everything about you. But keep in mind they compete with each other, with the result being that they do not share information. Some lenders report to one of them, while others report to another one, and some larger lenders such as your mortgage holder might report to two or even all three of them.

But it gets even more complex. Again, they are in business to make a profit, so they want to get as many lenders reporting to them as possible. As such, they have "specials" to entice lenders to come to them, so Mastercard may have report to Experian last year but now reports to TransUnion, Discover reported to Equifax last year and now reports to Experian, and so on. This change occurs all the time on a regular basis.

You may be starting to see how and where errors are introduced into your credit report. No single credit agency has the whole credit picture on you, which is why your credit score differs at each agency. Even worse, when Visa reported your very overdue bill last year and now Visa reports to a different agency, that first agency will keep that very overdue bill on file forever, because they are never notified that you satisfied it and are no longer past due.

In fact, recent studies have shown that a majority of Americans have one or more inaccurate entries on their credit report from at least one of the big three credit reporting agencies. You need to know that it is almost a guarantee that there are errors in YOUR credit report, and you also need to know that these errors will not self-correct over time, but will remain there showing negative information about you, with the end result being that your credit score is calculated to be lower than what it should be.

The only way this ever gets resolved is if you dispute it. There are right ways and wrong ways to dispute inaccurate information, because there are a lot of people who are disputing negative information that really is accurate in the hopes that it will just go away. This is an unfortunate fact for consumers who are trying to get truly incorrect information corrected or removed from their credit reports.

Having inaccurate information in your credit report is senseless and makes your credit score less than it should be. Getting these errors corrected is something you can do yourself and you do not need to pay a "credit fixer" company to do it for you, where they could even make it worse. The longer you wait to get this done, the worse off you are going to be, so make a point to get this done starting today.
About the Author
For more insights and additional information about Improve Your Credit Report Score as well as getting free copies of your credit reports, please visit our web site at http://www.credit-help-center.com
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