Credit Report Errors

According to a 2012 report from the Federal Trade Commission (FTC), as many as one in four Americans have had at least one “potentially significant” error on one or more of their credit reports. In fact, credit report errors are surprisingly common, but the Fair Credit Reporting Act (FCRA) gives you the right to dispute and remove these errors to improve your credit profile and score.

Common types of errors on credit reports include:

  • Account-related – These include late payments which are older than seven years, an account listed as closed by the provider when it was actually closed by you, and listed credit cards or loan accounts which don’t belong to you.
  • Derogatory mark – These include paid-off collection accounts which are still listed as unpaid, paid tax liens which are older than seven years, and accounts which were successfully discharged in bankruptcy but still appear as active with balances.
  • Personal information – These include the wrong name being listed, inaccurate employer information, and mailing addresses which you have never used or occupied.

Account-related and derogatory mark errors are more likely to be detrimental to your credit score, while personal information errors are common signs of reporting problems, fraud, or identity theft.

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Complaints - Credit Report Errors

  1. Ray

    Hello, I am just asking questions at this point,
    1. Consumers Credit Union reported to the 3 credit bureaus that the 3 accounts I have with them were closed and paid due to chapter 7 bankruptcy (I did not go bankrupt)
    This happend after I was approved by a bank for a loan to buy a house 3 days before closing. Caused my credit rating to go below 560
    So with that info my credit tanked and we did not get the house.
    2.They admited the fault (I have E-mails and documents) and took them over 60 days to fix this now my credit rating is 711
    They did credit me for some costs I lost when the house deal fell through. like the inspection and appraisal feels.
    I am just woundering is there any recourse for me at his point.
    I am about to close on a differant house now but did loose the GREAT deal on the other house. Pluse the interest rates have gone up since Dec 2017 to May 2018 this will be incured over 30 year morgage
    Thank for your help or advise.

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