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a FICO Credit Score
Credit report mistakes do happen. It is very possible that you
have credit report errors. This is often due to the report being
incomplete, or contains credit information about someone else. There
are many ways as to how credit report errors can occur.
- The person applied for credit under different names (Robert
Jones, Bob Jones, etc.).
- Someone made a clerical error in reading or entering name or
address information from a hand-written application.
- The person gave an inaccurate Social Security number, or the
number was misread by the lender.
- Loan or credit card payments were inadvertently applied to the
wrong account.
How often do credit mistakes occur?
In June 2004, Public Interest Research Group, a nationwide consumer
advocacy organization, released the findings of a recent survey
showing that, on average, nearly 80 percent of US credit reports
from the three credit bureaus contained some sort of mistake. The
majority of the mistakes were minor misspellings or transposed figures.
However, the survey found that one out of every four reports contained
serious errors -- ones that could stop a person from getting a loan
or getting favorable terms on a loan.
Effects of Credit Report Errors
Credit report errors will have an affect on your credit score is
it is not corrected. Disputing credit report mistakes is the only
way you can increase your credit score to its correct state. And
after you correct the credit mistake, your credit score is likely
to improve, if the credit report error is significant enough. Although
you may find form letters to fix credit report errors from web sites,
the best way to resolve credit report errors is to check your credit
report and dispute the errors online. Credit bureaus have 30 days
to respond to the credit report inaccuracies.
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