Credit report errors are frustrating and difficult to repair, but they happen more often than you might think.
If your credit report is full of errors, you’re not alone; and it’s your right by law to have those errors removed. You can do the legwork yourself by sending out letters to all the relevant credit bureaus and lenders, or you can hire a credit repair company to use their expertise on your behalf.
Legitimate errors are common, and they come in many shapes and sizes. Here are some of the errors, discrepancies, and inaccuracies that happen most often.
Inaccurate Personal Information
A misspelled name, or a middle initial left out, can lead to problems on your credit report. For example, simple errors like this can make it so another person’s credit history is mistakenly placed on your report.
To avoid these errors, make sure all your personal information is accurate and complete: social security number, full name, work history, current address, etc.
Identity theft is when someone uses your social security number, name, and other information to fraudulently open an account. It can damage more than your credit; identity theft can potentially hit your finances hard, especially if you don’t notice it for a long time.
Credit monitoring services can help catch identity theft before it’s too damaging. You can also freeze your credit until the errors are resolved, if you think you’ve been a victim identity theft; this prevents anyone (even you) from accessing your credit.
Unfortunately, repairing your credit after identity theft is complex and time consuming. You may benefit from legal help and a credit repair company with experience cleaning up after identity theft.
Legitimate items on your credit report that lower your score (such as missed payments or delinquent accounts) are supposed to be removed by the credit bureau after 7 years. Sometimes they get left on by mistake, and continue to do damage to your score.
Left Over Information from an Ex-Spouse
Since many people’s credit is tied so closely to their spouse’s, it can be difficult to untangle after a divorce. If you’re divorced, you may need to check your credit report often to make sure your ex-spouse’s credit isn’t being reflected on your own report.
Accounts Incorrectly Labeled “Closed by Lender”
Closed accounts labeled “closed by lender” or “closed by granter” reflect poorer on your credit than ones you closed yourself. Check all your closed accounts to make sure they’re accurately labeled; if you find mistakes, you’ll need to send a credit dispute letter and provide proof that you closed the account yourself.
DIY credit repair can be time consuming and frustrating; an experienced credit repair company can potentially save you a lot of heartache when it comes to your credit score. Of course, no credit repair company can remove legitimate items from your credit report. But if you you are experiencing any of the errors listed above, then a credit repair company, like Lexington Law, could be just what you need.
For a free, no obligation credit consultation to go over these errors, call Lexington Law at 1-(855) 620-5875.