Your Credit Report Score Has Errors - Fix It Or Get Over It

By: Jay Anderson

Almost everyone knows that there is a credit report on them "somewhere" but surprisingly few people know more than that, mostly because they don't think they need to know. The truth of the matter is that nothing could be more incorrect, and what you don't know is almost certainly hurting you in this case.

Equifax, Experian, and TransUnion are the three major credit reporting companies and they think they know everything about you. But keep in mind they compete with each other, with the result being that they do not share information. Some lenders report to one of them, while others report to another one, and some larger lenders such as your mortgage holder might report to two or even all three of them.

So far no news alerts but it gets worse. They are in business for profit, so they want to get as many lenders as possible to report to them for their customer's credit information. They occasionally have specials for lenders to switch to them, so Discover may have reported to Experian last year and this year they report to TransUnion, and your Exxon account may have reported to Experian last year and now reports to TransUnion. This type of change occurs on a very regular basis.

You may be starting to see how and where errors are introduced into your credit report. No single credit agency has the whole credit picture on you, which is why your credit score differs at each agency. Even worse, when Visa reported your very overdue bill last year and now Visa reports to a different agency, that first agency will keep that very overdue bill on file forever, because they are never notified that you satisfied it and are no longer past due.

In fact, recent studies have shown that a majority of Americans have one or more inaccurate entries on their credit report from at least one of the big three credit reporting agencies. You need to know that it is almost a guarantee that there are errors in YOUR credit report, and you also need to know that these errors will not self-correct over time, but will remain there showing negative information about you, with the end result being that your credit score is calculated to be lower than what it should be.

The only way this ever gets resolved is if you dispute it. There are right ways and wrong ways to dispute inaccurate information, because there are a lot of people who are disputing negative information that really is accurate in the hopes that it will just go away. This is an unfortunate fact for consumers who are trying to get truly incorrect information corrected or removed from their credit reports.

There is no sense in having inaccurate information about you being reported as accurate and factual. Get it corrected, and this is something you can do yourself, where you do not need to spend money on a "credit fix". This is entirely legal, and is indeed your responsibility. You are only hurting yourself if you don't get this done.

Article Source: http://www.bigfreearticles.com

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For more insights and additional information about Improve Your Credit Report Score as well as getting free copies of your credit reports, please visit our web site at http://www.credit-help-center.com

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