Why Credit Report Errors Matter
Studies show that up to 25% of credit reports contain errors that could negatively impact your credit score. These errors can cost you thousands of dollars in higher interest rates.
Most Common Credit Report Errors
1. Incorrect Personal Information
Wrong names, addresses, or Social Security numbers can lead to mixed files and incorrect information appearing on your report.
2. Accounts That Arent Yours
Sometimes accounts belonging to someone with a similar name or a family member appear on your report by mistake.
3. Incorrect Account Status
Accounts may be reported as late when they were paid on time, or closed accounts may show as open.
4. Wrong Payment History
Late payments that never happened or payments marked late when they were on time.
5. Incorrect Balances or Credit Limits
Wrong balances can affect your credit utilization ratio, impacting your score.
6. Duplicate Accounts
The same debt appearing multiple times on your report.
7. Outdated Information
Negative information that should have been removed after 7-10 years.
How to Fix Credit Report Errors
- Obtain your credit reports from all three bureaus
- Review thoroughly for any inaccuracies
- Gather supporting documents for your disputes
- File disputes with the credit bureaus
- Follow up within 30 days
- Keep detailed records of all communications