One of the main complaints with credit reports has been the rash of inaccuracy. Seeing how much one credit score can effect your life, this is not something that should be as common as it is. From a personal standpoint, my father and I share the same name and it seems no matter how many times I report inaccuracies to the credit bureau, there is always something wrong with one of the 3 reporting agencies (Experian, Equifax, or Transunion). With all the errors I have come across on own reports, it’s important for others to stay on top of them. However:
“A Government Accountability Office 2004 survey of 1,578 consumers nationwide found that just 58 percent had ever looked at their credit reports, and fewer than half of them had done so in the previous year. About 18 percent said they had disputed information in their credit file.” Courtesy of www.ajc.com
Only 58%! With how much a stupid FICO Score can cost you, you need to check your credit report at the very least once if not twice a year.
Once you find a mistake, that’s when the real fun begins. If you do a Google Search on horror stories of disputing claims on your credit report, you will find plenty. By law, the credit bureau has up to 45 days to investigate the dispute claim, so this will require patience on your part. The main thing is to be persistent; it is to your benefit that you have the best credit score you can get.
Unfortunately, the only way to defend yourself is to keep tedious notes. Make sure if you are disputing something that you have all the paperwork to back your claims. Please don’t back down or become so frustrated that you say to hell with it. These companies need to be held to the fire. Don’t let one credit score ruin your chance at a new job, home or car.
1 Comments until now.
No cards are easy to get approved for anymore. Consumer credit lines have now been cut by over $2.5 Trillion (last week’s figures, thru end-July). Credit lines are being reduced or eliminated entirely. New credit is not being extended unless you have excellent credit.
If you can get a new credit card application approved, the amount of the credit limit will depend on your income and amount of credit currently available to you.
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