Your credit report is probably something you’ve hardly, if ever, looked at. But did you know that roughly over 30% of (depending on what source you look at!) people find mistakes on their credit report. This could be seriously affecting your ability to gain credit.
So it’s important to check your credit report on a regular basis, and spot check it for any errors. Here’s our 5 top tips for the sorts of things that you should be looking out for:
1. Identity Errors
When you think about this one, it’s something that can easily be done. A simple error in how your name is spelt e.g Micheal instead of Michael, or address and contact details being out of date or being wrong, is an example of this.
Under this also comes mixing your accounts up with someone with a similar or same name.
2. Account Errors
Clerical errors happen, so be sure to check things like the number and type of accounts open. Are they open when they should be classed as closed? Or vice versa. Are you reported on the account as the owner, when in actual fact you’re just an authorised user? Your accounts are reported as being late in payment, when you know this is not the case. There also could be errors on the dates and times of payments too,
3. Duplication Errors
Double check that the same debt isn’t listed more than once. It could be possible that you might spot the same debt under a different name or creditor.
4. Balance Errors
These as the name suggests are errors to do with the reported balances on your accounts. Common things to watch out for are accounts that are listed with the wrong balance or credit limit.
5. Fraud & Transaction Errors
Is someone impersonating you? Check to see there are no unknown accounts and transactions listed in your name.
How can you fix the errors?
If you do spot any errors then you should contact the relevant credit bureau or lender and let them know of the error. Give them as much information as possible i.e what the error is, evidence of why it’s wrong and always provide contact details so the relevant person can contact you back if they need to.
These errors are simple to check and are worth you spending a few minutes each month to verify everything looks ok. Which you can do with CanopyGrow.