When you get copies of your credit reports, look over them carefully and note any information that doesn’t look right.
Here are the top 16 most common credit report errors you might find:
- One or more of the accounts report that you are deceased (If you’re reading this, I’ll assume that’s not true.)
- Credit accounts that belong to someone else
- Payments you made aren’t showing up
- A new credit or collection account for an account that was discharged in bankruptcy
- A collection account that belongs to someone else
- ‘Hard’ credit inquiries by entities with whom you have not applied for any credit
- Duplicate accounts
- Judgments or liens that you paid off, but weren’t updated
- A bankruptcy, tax lien, or judgment that belongs to someone else
- Accounts that are too old to be on your credit report
- A family member’s information is appearing on your report
- Identity theft – accounts on your report, in your name, that you didn’t open
- Accounts with incorrect indicators like “included in bankruptcy” or “foreclosure started”
- A judgment against you is reported when you actually won the case
- New collection accounts for accounts that are paid off
- A judgment or tax lien on the report that was released, vacated, or expunged
Potential consequences of credit report errors
If any of these problems exist on your report without your knowledge, you may find that you are:
- Denied insurance coverage
- Rejected for a lease
- Unable to get cable or cell phone service
- Passed over for a job
- Denied a mortgage, home equity loan, car loan, student loans, or credit cards
What should you do?
If you find these problems, the first thing you should do is immediately file a dispute. Depending upon the situation, you might want to talk to a lawyer, because you could be eligible for compensation for having experienced some of the consequences above.
It’s free to chat with me about your options – you can call or text me at 215.551.7109, or drop me a line.