Your Credit Report Score Has Errors – Fix It Or Get Over It
It probably comes as no surprise to most people that “somewhere” there’s a credit report on them that knows everything they ever did, good and bad, financially. Unfortunately, this is where their knowledge stops though, and not knowing the real scoop about how this really works is actually hurting them.
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 more massive lenders such as your mortgage holder might report to two or even all three of them.
Now compound this scenario with even more complexity. Since they are in the business to make a profit, they are always trying to get more companies to report to them, and so lender “A” who used to report to Equifax switches next year to report to Experian, and Visa who used to report to TransUnion now reports to only Equifax. This changes all the time, every year and even each month.
Are you starting to see where a problem could (and does) occur? What happens is that not one of these credit reporting agencies really has a complete and accurate credit picture about you. Further, when a creditor of yours who reported to one bureau that you were past due and then switches to another credit reporting bureau, the first credit reporting agency continues to report you as being past due on that account because they never get corrected information.
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 large three credit reporting agencies. You need to know that it is nearly a guarantee that there are errors in YOUR credit report, and you also need to know that these errors won’t 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.
Be aware that your credit report is very apt to have incorrect information being reported as fact about you. Then you can either just accept that fact and live with it, or more appropriately, find out what you need to do to get it corrected and get your credit score raised as a result. This is a do-it-yourself process, you do not need a “credit fixit company” to do it for you, since they can’t do anything that you cannot do yourself.
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