Credit Errors Are Costing Consumers Money; How To Fix Them Before It`s Too Late
Released on = December 9, 2005, 8:56 pm
Press Release Author = DSS Enterprises
Industry = Accounting
Press Release Summary = Do you know your FICO score? A poor FICO (credit) score could be costing you money! It\'s estimated that 1 in 4 people have errors in their credit report and it\'s costing them money.
Press Release Body = FOR IMMEDIATE RELEASE 12/9/2005
Even if you have a good credit rating, there could be information on your credit report that is incorrect or that even belongs to someone else. A good knowledge of credit repair methods is essential. Did you know that according to the US Public Interest Research Group, there are mistakes and false information on one in four credit reports?
In a survey carried out by the PIRG, one quarter of the credit reports ordered contained errors that would seriously affect the consumer's ability to obtain credit and would probably be costing them money in interest on their mortgage. Errors such as accounts and late payments that did not belong to the person concerned! Over half (54%) of the credit reports contained demographic information that was incorrect due to misspellings, being out of date or belonging to a stranger. Almost a quarter (22%) actually had the same loan or mortgage listed twice on the same credit report. Just over 7% had mistakes that would have had serious adverse effects on the consumer's credit worthiness due to mortgage and loan information that was completely missing from the credit report.
Almost one third (30%) had the opposite of the above by containing information that shouldn't have been on the report such as credit accounts that had been closed by the consumer but were still shown on the report as being open. The information on your credit report is stored as it comes. No checks are made to verify any information reported to a credit agency. These agencies are simply record keepers.
You must take steps to remove any false information on your credit report and repair your credit now.
Tips To Remove Credit Errors 1) Call Credit Bureau and Dispute any items you don\'t recognize. 2) Call Creditor and speak with someone of authority to discuss errors. 3) Write a note that details your story and attach it to your credit report. 4) Don\'t give up. These things take time. 5) Lastly, contact the Federal Trade Commission for possible legal options that can be pursued against a creditor.
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