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What are some of the most common credit reporting errors?

From getting a car to applying for a mortgage, having a good credit score can make life much easier. That's why an error on your credit report can be especially frustrating. It can take years for you to discover a credit reporting error and during that time you may have suffered the consequences of a credit report that was not entirely accurate. If there is a problem with your credit report, talk to a consumer protection attorney today to get help. Below we will look at some of the most common credit reporting errors, according to the Consumer Financial Protection Bureau.

Identity Errors

Identity errors happen when information about your identity, such as your name, phone number, or address, is incorrect. This tends to happen especially if you have a name that is similar to somebody else's and their information incorrectly gets applied to your report. Additionally, if you have been the victim of identity theft then there may be incorrect accounts on your file.

Account Status

Account status errors can include accounts being reported as open when they are actually closed, as late or delinquent when they are not, or as you being an account owner when you may just be an authorized user. Additionally, there may be errors concerning payment dates and opening and closing dates on your accounts.

Processing Errors

Processing errors can cover a fairly broad range of issues. For example, debt may still be listed on your credit report despite that debt being old enough that it should no longer be reported. In some cases, a single debt may be incorrectly listed multiple times, which is particularly common when an account is in collections. There are even cases where previously incorrect information that had been corrected ends up being reinserted into your report or an account that does not belong to you is listed as yours.

Balance Errors

If accounts are listed with the incorrect credit limit or current balance, this could have an especially significant impact on your ability to apply for new credit. If your credit report incorrectly shows that your current balance is higher than it is or that you are close to reaching your credit limit then lenders are likely to be hesitant about extending more credit to you.

Any of the above errors can have a major impact on your ability to secure new loans, apply for a credit card, buy a car, or move into your next dream home. Don't let a faulty credit report hold you back. Unfortunately, getting errors fixed can be a complicated and time-consuming process, which is why you should reach out for legal help. Talk to an attorney at Weisberg Law today for assistance getting your credit report fixed faster and with less hassle.

Source:

Consumer Financial Protection Bureau. "What are errors that show up in credit reports?" http://www.consumerfinance.gov/askcfpb/1261/what-are-errors-show-credit-reports-out-having-creditors-report-your-accounts-credit-bureaus.html. Retrieved: 30 May 2016.

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