Correct Inaccurate Account Information On Credit Report
Every credit report has basically the same things on it: your name, address, credit accounts, payment history, delinquent account information etc. See more items found on a credit report. While most of the information might be accurate and correct some credit reports have errors and inaccuracies that can be fixed. Some information that you correct may not have any effect on raising your credit scores, but some items will certainly have an impact on fixing your credit report.
Key Items to Examine When Fixing Your Credit Report
- Late payments, collection accounts, charged-off credit cards
- Incorrect credit limits, credit card accounts that indicate how they were closed inaccurately
- Creditor notes on your accounts that list “settled”, “paid derogatory”, “paid charge-off” or anything that is not noted as “current” or “paid as agreed” as agreed in arranging a pay off agreement.
- Accounts included in a bankruptcy that were discharged that still show balances or payments – they should be updated to $0 balances and $0 payments or noted with “included in bankruptcy” or “discharged in bankruptcy” etc.
- Accounts that are still open, but were in fact sold to another company. This often occurs with credit card companies who sell charged off accounts to collection companies.
- Paid tax liens and child support accounts that are still showing a balance or delinquency.
So when you are looking at your credit report with the intention of fixing mistakes on your report in order to raise your credit scores make sure you pay particular attention to these types of errors. They could make a huge difference to your scores.