Credit Reports and Errors

A Credit Article Contributed by Nithya K

What Can Go Wrong with Your Credit Report?

Errors are very common as far as credit reports are concerned. To curb this, a clean credit history is very essential for your financial future. Creditors are known to attach a claim to a wrong person. You might have a loan mistakenly placed in your credit report as it may faintly resemble the real person who has the note. Another possibility is that you may have been delinquent once and your checks might have bounced.

This is reason enough to place a wrong credit claim under your name. Scared? Well, you ought to be. You might have even cleared the check long ago but the credit report would carry your delinquency for a long time. And as a result your credit report would never show you as "clean".

Moreover, if you are a victim of an identity theft, then there is nobody responsible enough to shoulder the financial mess you will be in. Therefore, it is imperative to get a copy of your credit report and verify it occasionally. Unfortunately, people never realize the importance of a credit report unless there is an immediate and pressing need for money.

So its very wise to wake up, smell the coffee and check that credit report. There are three major agencies, called as credit bureaus, that offer credit reports for about $25, and this report contains all the reports from many agencies. You might want to go visit these agencies at:

www.equifax.com OR www.transunion.com OR www.experian.com

Credit Report and Reported Errors

All over the United States, there are thousands of people who are victims of low credit scores due to a malfunctioning credit reports.

Many discover to their utter chagrin that they have low credit only when they go for a loan application or refinancing their credit lines. This comes as a rude shock to many when they get a denial of credit, or when they get turned down for a job, or when they are charged higher insurance premiums.

According to many surveys it has been found that 75% of all credit reports contain errors or mistakes of some kind. Credit reports having critical errors are 25% in number. The latter cause a loan or mortgage application to be denied.

Credit Report - Faults and Solutions

There ought to be some way out to these errors in credit reports. As an initiative, a few people have come forward to educate the general public about the importance of credit reports and checking the credit history periodically. Recently a company called Fisher Equities, affiliated with Eagle Literacy Group Credit Educational Services, has taken steps to assist people through the process of getting the credit report repaired prior to applying for a loan or a new job etc. Fisher offers consumers a service that includes a year's clean credit checkup through the 3 major credit bureaus.