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Common Errors in Credit Reports

Common Errors in Credit Reports
When it comes to account balance, the most common errors are accounts with incorrect current balance and accounts with limits.

The periodic review of the credit report avoids problems in the personal financial state, the specialists recommend the thorough analysis of the document.

Due to the amount of information, errors occur that must be corrected immediately, so that the account of the person affected is normalized.

The most common errors are those of identity (wrong name, telephone, address), also homonymy problems (accounts that belong to another person with the same or similar name, this confusion of the information of two consumers in the same file is known as ” mixed file” or mixed file), or incorrect accounts that are the result of identity theft.

Incorrect data about the status of the account is also presented, such as: Closed accounts reported as open, being reported as the account holder, when it is only an authorized user, erroneous accounts such as past due or delinquent.

It is common to find on account reports the wrong last payment date, opening date, or account delinquency date, duplication of the same debt, reinsertion of incorrect information after it has been corrected, and accounts that appear several times, with different creditors (especially in cases of accounts in arrears, or in collections).

When it comes to account balance, the most common errors are accounts with incorrect current balance and accounts with incorrect credit limit.

The finding of errors should be reported to the credit reporting company that sent you the report, as well as to the creditor or company that provided the information (furnisher).

It is recommended to dispute incorrect or incomplete information.

If you need to make an appointment you can ask here or accessing financial information on YouTube, the credit channel, our specialists in charge Jessica Aliaga-Froelke will be informing you of any concerns regarding this and other financial issues of general interest and guidance as in this topic, today we provide you with the following report so that you can make your most important economic decisions, We also invite you to follow our social networks: LinkendInFacebookTwitterTiktokPodcast and Instagram.