Credit Report Errors

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Today's topic is one of my favorite topics regarding credit report errors. Whenever I did a debt seminar, credit report errors was the most asked or actually the one where I had a lot of examples.

I had one person state that he always has difficulty being approved for loans because he is a Jr. His dad has a lot on medical bills and they usually would end of on his. This is common when father & son have the same name. The best advice I could give in that case is to put some type of consumer statement if this seems to be a problem. It may not remove any incorrect information from your report, but at least you have something in your report regarding this error.

Another common error would be having accounts still show open even though you haven't used in years. This happens a lot with department store cards. Usually someone opened an account for some special promotion to save money. The customer then pays off balance, but the account stays open of years. Best thing for someone to do is to review their credit reports annually and if old accounts are actually closed.

I have had people review their credit reports and myself to see the number of old accounts no longer in use still open. Accounts you should look at closing would be department store accounts. They do not really help that much for anyone with established credit. They probably could be lowering your score.

The best action someone can do is to at least review all three credit reports annually. See if there are any errors and attempt to fix the errors. Do this by contacting credit card company and request to close the account or ask how the error happened.

Hope this helps