It is important to realize that not everything on your credit report may be accurate. Mistakes are made frequently and inaccurate information can be hurting your credit score right now. The Fair Credit Reporting Act (FCRA) requires that all credit reporting agencies perform an investigation upon you disputing an item.
So what types of items are most commonly reported wrong?
The most common mistake is misreported information. A payment was reported as late even though it wasn’t. In this case you can provide the canceled check or statements to clear this up.
Fraud activity is unfortunately fairly common these days. If you have any accounts or charges that are unfamiliar to you check them. It is possible that you’ve been targeted for identity theft. It is also possible that someone with the same name or similar information has accidentally been reported to your account.
Sometimes outdated information, which is longer than seven years after the original delinquency, may remain on your report. These items should not be there and must be removed.
After reviewing your credit report you may find that all the information is accurate. But more likely you will find some inaccurate information. You can benefit greatly by disputing these items. If they can not be proved by your creditors they must be removed or corrected within 30 days. As a result your credit score will go up. This process will take a little work but it is one of the easiest ways to raise your credit score.
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