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Saturday, February 14, 2009

Credit Repair Coach Explains What The Bureaus Are Not Telling You

By Cliff Pape

Were you aware that about 80% of credit reports have some type of wrong information in them? Many types of errors can have a big impact on lowering your score. Not to mention that those errors could be making you pay more for the loans you are getting. Some of these errors are as serious as accounts that are not even yours, or even false delinquencies.

Here are some common mistakes on credit reports:

41% of credit reports have inaccurate demographic information, including name, addresses, work history, and other personal information.

20% of credit reports fail to list major mortgage information, as well as other important loans that show your credit worthiness.

26% of credit reports incorrectly report accounts that you have closed. These may be reported as open, or as "closed by credit grantor." This could make it seem as though the lender cut you off due to poor payment history.

So where could you go from here?

Get a copy of your report and check it over thoroughly. You will need to check even seemingly obvious data like your name, addresses (current and past), birth date, social security number, and so on. Yes, it's a hassle to have to verify the simplest information, but you should do it anyway.

Make sure that you take a close look at every single account entry on your credit report, from start to finish. You'll need to verify that each account is reported correctly. Pay especially close attention to credit limits, balances owed, open date, and current activity, etc.

It's important to review the inquiries section to check what companies have been requesting copies of your credit report. If you find companies that you don't remember having requested credit from, then you should contact them right away to make sure someone else isn't applying for credit with your personal information.

After you've gone through your credit report with fine tooth comb, you'll need to address any errors you find. There are a few ways to go about this. You can write dispute letters yourself to the creditor or the credit bureaus, work with a company to help you in this process, or seek out the services of an attorney.

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