Common Errors on Credit ReportsPosted on December 1, 2009
Credit Scores
The big three Credit Bureaus (Trans Union, Experian, Equifax) do not share information with one another. Differing scores between the three credit bureaus can result from one bureau reporting information that is not reporting with another credit bureau. If your credit scores vary between the three bureaus by more than 50 points, this could be an indicator that there is conflicting information that may be in error. If you need help removing negative and incorrect items from your credit report, call Trinity Credit Services at 1-888-669-7372 for your Free Credit Report Consultation.
Tradeline Data
In any single tradeline there may be two or three inaccurate pieces of information that can harm your credit score. Without expert knowledge of the credit scoring model and the ability to read tradeline data, you will miss these inaccuracies. Here are some tips:
• Make sure that all credit cards report the proper limit and balance. When your limits are inaccurately low or your balance inaccurately high, your available credit is artificially decreased and your scores will drop.
• Make sure that each open positive tradeline reports to all three bureaus. When one bureau does not report positive information that bureau will have a lower score.
• Duplicate accounts and closed accounts reporting as open, will lower your scores by artificially increasing your outstanding debt.
Collections
A common error with reporting collections occurs when collections are sold over and over again to different collection agencies. It is very common to see one debt reporting several times. Each duplicate reporting may hurt your scores by 20 points or more. Only the current holder of the debt is legally allowed to report a balance owed at any one given time. This problem can only be fixed by contacting the credit bureaus with a dispute or waiting seven years for them to fall off.
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Please read very carefully the comments made regarding the difference in the points a credit report company can be astray. My short story is they were off by mine almost 25 points and that small amount stopped me from buying the house of my dreams sold 2 months later for almost $15,000 less than I was going to pay. If the accurate reports had come in from the credit card companies I would be living in that house right now. I cry often at this transcrepency as at 38, I will most likely never marry and it was the home I was going to live the rest of my days in.
BE EVER SO CAREFUL AND DONT EVER BELIEVE WHAT YOlU READ ~~~ WITH THE BANKS SUCKING US UP WILL WE SURVIVE!!!!
I recently checked my credit report and they are all different
Equifax 643
Experian : 572
Transunion: 570
which one do I go by??? Why is there such a bg difference?