Why Credit Report Errors Are More Than Just Mistakes

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Don’t ignore credit report mistakes – even the seemingly small ones.

Checking your credit report is something you should aim to do every few months. In fact, credit reports are available to consumers for free every week this year, so taking advantage of this opportunity to access your own reports on demand is a pay-as-you-go.

While reviewing your credit report, you may come across information that does not appear to be correct. If you find an error, you’ll be in good company. A Federal Trade Commission survey conducted several years ago found that 25% of consumers identified an error in their credit report. The percentage is not small.

In some cases, credit report errors are just errors. Contacting the credit bureau behind the report in question often leads to a fairly quick resolution.

However, in some cases, information on your credit report that appears to be incorrect may not be an innocent mistake. Rather, it may be a warning that you have been a victim of financial fraud.

When Mistakes Really Matter

Criminals are becoming more sophisticated when it comes to accessing consumer data and stealing identities. So, in the process of reviewing your credit report, you may come across unopened credit card accounts or lines of credit.

In some cases it could be a mistake. Perhaps someone with a Social Security number very similar to yours opened the account and the credit bureau mistakenly associated it with your Social Security number. It is certainly possible.

In reality, however, criminals may be trying to obtain your personal financial information and use it to open a credit card or line of credit in your name and charge your dime. I have. It’s certainly a situation that makes you want to move on – and stop.

That’s why it’s so important not only to check your credit report regularly, but also to pay attention to details that may seem inappropriate. If this is the case, start by contacting a credit bureau to investigate.

You should also contact your issuing credit card company or financial institution to find out what happened. If you confirm that your credit card company or financial institution is in error, you can contact the credit bureaus. However, if your credit card company or financial institution finds an account using your social security number in your name, you will need to work with them to resolve the issue.

pay close attention to details

Reading your credit report may not be the most fun way to spend an evening, but it’s an important step to take every few months. It doesn’t take longer.

In some cases, credit report mistakes may be simple errors that the relevant authority can correct. However, it’s always good to investigate and follow up.