Delray Beach, FL (PRWEB) September 21, 2010 -
While consumers work tirelessly to ensure that they don’t make any critical mistakes to cause their credit score to drop, NationalCreditReport.com, a leader in credit report, credit score and credit monitoring services reminds consumers that incorrect information in their credit files may go unnoticed unless they check their credit reports regularly or participate in a credit monitoring service.
“Sometimes items show up in credit files that are out of the consumer’s control,” said Samuel S. Ambrose, Vice President of Marketing and Operations for NationalCreditReport.com. “Inaccuracies can happen for various reasons, but what is most important is that the consumer obtains their credit report often and reviews it with this in mind.”
Common Inaccuracies Found in Credit Reports:
- Identifying information - It may seem obvious, but individuals should check their credit report to ensure that it contains their correct and complete full name, Social Security number and address. This is a good way to eliminate confusion between two people with similar information. Occasionally, newly opened accounts can end up in the wrong consumer’s credit file.
- Negative information past its expiration date - In the majority of instances, a credit reporting agency may not report negative information that is more than seven years old or bankruptcies that are more than 10 years old.
- Accounts NOT in good standing - When a consumer works to fix their credit score they are most likely attempting to get all of their accounts in “good standing,” meaning that they have made payments per the terms of the lending agreement. When an account goes from bad to good standing, a financial institution should report that to the three major credit agencies (Experian™, Equifax™, and TransUnion™).
- Identity theft - Checking one’s credit report regularly or participating in a credit monitoring service can help the consumer uncover potential identity theft. If an ID thief tries to open accounts in someone else’s name, the lending institution or creditor makes an inquiry by obtaining a credit report to make their lending decision. An unfamiliar inquiry may be a sign of identity theft.
Per the Fair Credit Reporting Act (FCRA), inaccurate, incomplete or unverifiable information must be removed or corrected by the three major credit reporting agencies usually within 30 days.
“It goes without saying that individuals who are diligent about seeking out inaccuracies when checking their credit report are able to dispute them in a timely manner and fix their credit score. The goal is to fix your credit score before it affects a potential lender’s decision to lend you credit,” said Ambrose.
Since 2004, NationalCreditReport.com has specialized in providing credit information and credit monitoring services to consumers to help them understand their credit report and score. NationalCreditReport.com encourages consumers to check their credit report on a regular basis.