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Are There Costly Mistakes on Your Credit Report?

Buy Here Pay Here Dealers has tried to obtain the best information about cars and credit for you on the web. Credit reports are not perfect - in fact they frequently contain errors! However, regularly checking your credit report for mistakes and correcting them early will help you head off problems with obtaining credit when you need it most.

Equifax, Experian and Trans Union are the three major credit reporting agencies. Individuals are entitled to one free report from each of these agencies per year. Taking advantage of this right and reviewing credit reports periodically is beneficial because it enables individuals to notice mistakes early before the mistakes can negatively affect their plans to purchase a car or home.

In reviewing a credit report, it is important to carefully read through all of the information on the report. Mistakes can appear anywhere on the report but there are some common errors. Paying particular attention to the areas where mistakes are commonly made will make the mistakes easier to spot. Some of the common problems with credit reports are:

Showing a balance for a loan paid in full

Incorrect collections accounts

Completely false information

Information showing residency in a state where the individual has never lived

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.

Learn how you can quickly improve your own credit score without spending a dime at Time for Credit Repair

Article Source: http://EzineArticles.com/?expert=Larry_Mitchell

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