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Information on credit reports can be rife with inaccuracies

admin • Sep 10, 2013

I have been reviewing credit reports for 24-plus years, and in all my time I have never seen a one completely accurate report.  Inaccurate reports cost lending institutions across the country millions upon millions dollars in lost revenues due to erroneous reporting, as well as millions lost to consumers due to higher interest rates as a result of inaccurate information on their credit reports.

Inaccurate credit reports are a problem which most consumers do not know how to correct. In many cases they end up working with a company that may just end up taking their money with no resolution.

How to spot wrongful reporting

Here are some of the things to look for when hunting for inaccuracies in your credit report.

  • Look at your credit report for accounts that are open and active accounts but on the credit report they are reporting as closed accounts with balances. This can cost as high as 45 points off your credit score.
  • Accounts that have been paid off but still reflect a balance can impede your debt-to-income ratio.
  • Accounts that are reporting currently delinquent on a zero balance will be reflected under “status of account” and will show as an L1-L5 or R1-R5; L1 or R1 indicates an account that is 30 days delinquent.
  • Credit card accounts that are showing your limit unknown when you know you have a limit.
  • Accounts that were sent to a collection agency and the creditor and agency are both showing a balance.

The balance should reflect zero once the debt has been sent to collection. It is unlawful to report the same debt twice accounts reflecting delinquents past the date of payoff. Public records : Look for this field on your credit report , many times  you will find judgments or  tax lines  that were paid , yet are still reported owing.

These are the most common credit report mistake. To see the most common credit report mistakes. To see actual examples I have posted some videos on YouTube. Just type in “Credit Michael Ramos” and you will see four videos. Look for the one on credit reporting to learn more about on how to take care of your own credit.

At credit Rescue Now we will pull your credit report (the fee $35 for a single person, or $45 for couples) and review it with you for free. That’s another way to make sure you catch inaccuracies on your credit report.

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