One common error found on credit reports is showing a remaining balance on a loan that has been completely paid in full. This error often occurs when one or more of the credit reporting agencies does not have the most updated information the loan. In many cases the lender can assist in rectifying these errors.

Another common error found on credit reports is incorrect information on collection accounts. Individuals should be aware of any of their debts being turned over to a collections agent. These errors can be extremely difficult to correct. Catching it early, however, can greatly improve the chances of having the error fixed by the credit reporting agency. If the account was turned over to collections and was subsequently brought into arrears the collections agency can assist in fixing these problems.

Sometimes credit reports show completely false information. Individuals who find erroneous information on their credit report should contact the reporting agency immediately. This includes information such as the wrong name and address and an unfamiliar credit history. The credit report may have inadvertently been mixed up with another person and the agency may be able to find the source of the error.

Finally, information on a credit report indicating residency where the individual has never lived can be a serious problem. This may potentially be a case of identity theft. Fighting identity theft can be an uphill battle but it should be reported immediately to begin the process of fixing this error.

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