Mistakes Do Happen
Don’t close accounts in good standing.
When a credit report contains errors, it is often because the report is incomplete, or contains information about someone else. This typically happens because:
- The person applied for credit under different names (e.g. Robert Jones, Bob Jones, etc.).
- Someone made a clerical error in reading or entering name or address information from a hand-written application.
- The person gave an inaccurate Social Security number, or the number was misread by the lender.
- Loan or credit card payments were inadvertently applied to the wrong account.
Mistakes on your credit report are more common than you think; research conducted by US Public Information Research Group US PIRG, Washington, D.C. finds that:
TWENTY-NINE PERCENT (29%) of credit reports contain serious errors, false delinquencies, or accounts that did not belong to the consumer.
FORTY-ONE PERCENT (41%) of credit reports contain demographic information that was misspelled, outdated or incorrect.
TWENTY PERCENT (20%) of credit reports were missing major credit, loan, mortgage or other information to demonstrate the credit worthiness of the consumer.
TWENTY-SIX PERCENT (26%) of credit reports contain accounts that were closed by the consumer but incorrectly listed as open (or) “closed by credit granter”.
Altogether, SEVENTY PERCENT (70%) of credit reports contain errors or Mistakes.
It makes sense to ensure that all information is current and completely accurate. It’s you who pays for mistakes on your credit reports.