Your credit score is important for nearly every major decision in your life, but have you been checking it recently? If not, you’re not alone. Although checking your credit score is relatively simple nowadays with consumers being able to obtain a report once a week due to the pandemic, a recent study has shown that just 33% of Americans check their credit reports and only 20% of those 75 years of age and older have reviewed their report in the past year.
Given that studies by the Federal Trade Commission have shown that up to five percent of consumers had errors in their credit reports, checking your credit report at least occasionally can be the difference between a good and a poor credit score. And that’s not all; Negative items can cause trouble for seven years or until the statute of limitations runs out while bankruptcy information can stay on your credit report for up to 10 years.
So, with so much on the line, what kind of errors should you be looking for on your credit report?
We Can Help!
By submitting, you agree that the phone number provided may be used to contact you (including autodial, pre-recorded calls or text messages) by DebtCleanse Group Legal Services.
Don't want to wait? Call Us!800-500-0908
Common Credit Report Errors
When reviewing your credit report, it’s important to know that different credit reporting companies may have different information about you – so you should request a report from each. In terms of errors, there are 4 categories of common errors that you should be aware of when reviewing your credit report. These can take the form of errors in your personal information, balance errors, account status errors and data management errors. These errors vary in severity with some errors being a result of someone inserting duplicate information and some resulting from identity theft. Regardless, federal law gives you the right to submit a dispute and request an investigation when you find any error - big or small - on your credit report.
Correcting Their Mistakes
If you spot an error, don’t worry – there’s a process to fix them. Under the Fair Credit Reporting Act (FCRA), both the credit reporting agency and the creditor must correct any incorrect information in your report.
To start the process of correcting your credit, you must first contact the credit bureau (e.g. Equifax, TransUnion or Experian) who is reporting an error. From there, you can file a dispute outlining what information you believe to be inaccurate. The credit bureau then has 30-45 days to respond to your dispute.
That said, credit bureau investigations don’t always go the way you expect. When you become a DebtCleanse member, you’ll get access to an attorney who will help you complete this process and get your credit back to where it should be.
DebtCleanse Can Help
When you sign up with DebtCleanse, we’ll connect you with a consumer advocate attorney who will be your resource for correcting your credit score and enabling you to get the loans you need. Take the first step today at no risk to you - At DebtCleanse we’re confident that our approach will help you overcome your debt which is why we offer a 30-day money-back guarantee.
So what are you waiting for? Call us at (800) 500-0908 or get started online now.