80% of credit reports contain incorrect or inaccurate information, which is not a satisfactory statistic. However, because the three major credit bureaus (Equifax, Experian, and TransUnion) are not always accurate in the report, and the creditors reporting these projects are not always cautious, what can be done?
First, we should understand what types of errors or inaccuracies are displayed on credit reports. I literally saw thousands of credit reports, and there are many examples, but we will stick to the main examples.
1. Expired Accounts - Credit reports should not include accounts that are under the age of 7 years. However, you should not believe this will happen automatically because only 50% of the opportunities will be deleted after 7 years. I personally saw the account still appearing in the past 20 years!
2. Fraudulent accounts - More and more people are victims of fraud or identity theft. This is the fastest growing criminal case in the United States. The reason is that someone steals your identity easily. Until you see your account in your credit report, and/or you start receiving calls, letters, and account claims, you may never know that you are the victim. So far, I haven't encountered any unidentified thieves. The thief is enough to pay the victims' bills.
3. Inaccurate details - this is probably the most common example. Account balance, limit, payment amount, payment date, address, creditor (this is because the loan is bought and sold regularly). Even spell your name and your date of birth. All of these details may appear inaccurate and may affect your credit score.
4. human error. Here's a typical simple explanation of how simple it can happen: you mail bills on the bill, checks and pay stubs take longer to reach the creditors (because our lovely postal system) or eventually pile up in a pile on someone On the table. Presto, due to human error, your account has not yet expired. This will be reported immediately to the credit bureau and your report now shows a 30-day delay. You ask how this can happen? Once again, I will emphasize human error until the disappearance (which will be the day before), then there will always be inaccuracies.
This is a simple part. Now that you know the error in the credit report, you can dispute this. All you need to do is write a simple letter to question the problematic bug and include any supporting documentation that references your case. The credit bureau then has 30 days to research the information to verify its validity. As long as your dispute is guaranteed and it is not your fault, the related product will be deleted or changed. There is no necessary extra step to "repair" your negative credit.
This is good news. If, for some reason, these accounts are still displayed after the bureaus have completed the investigation - there is also a plan of action that allows creditors and/or credit bureaus to beg you to leave them alone.
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Orignal From: Explore errors and disputes in your credit report
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