Your Credit Report Could Contain These Errors

By April 27, 2019Uncategorized

Most people aren’t looking too deeply at their credit report. After all, it’s a confusing process and credit bureaus keep many of us in the dark with their policies and calculations. It doesn’t have to be that way, however, if you stay up to date on what’s happening in the personal finance world, and if you watch your credit report closely each month.


Many people only pay attention to their credit report when they need to — for example, before they get a hard credit hit when applying for a loan or a credit card. But it’s better for your long term financial health to check your credit report periodically and make sure there are no errors affecting your credit score. Because your credit score is an important factor in getting a loan or renting an apartment, why stay in the dark about how your report is calculated?


Common errors on a credit report include things like accounts that don’t actually belong to you, or old accounts you’ve closed that are incorrectly noted as open (and vice versa). Another error could be incorrect personal information, like an old address or phone number. Other more serious errors can happen. For example, your credit report could indicate that you’ve missed a payment or made a late payment when you haven’t, which can quickly send your credit score into a nosedive.


Signs that your credit report may be inaccurate can also be things like a wrong name, or signs that someone tried to open or run your credit without your knowledge. Anything like this should be carefully looked into because you may be dealing with identity theft or fraud.


Curious about your credit report and how it all comes together? Contact Cain and Daniels today to combat credit report errors today.

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