10 Most Common Credit Report Errors (and How to Fix Them)

We’ve all heard of credit report errors, but have you ever stopped to think about how common they really are? In fact, according to a recent study by the FTC, nearly 80% of United States credit reports have errors! That’s why it’s so important to stay on top of them and understand how to go about fixing them.

So in this article, we’ll look at the 10 most common credit report errors—and more importantly, how you can fix them! So let’s get started.

1. Incorrect Personal Information

One of the most common types of credit report errors is incorrect personal information. This can include misspellings, wrong addresses, and incorrect social security numbers.

Incorrect personal information can cause a number of problems, including lower credit scores due to inaccurate records. It’s important to make sure that all your personal information is correct on your credit report.

2. Accounts Not Belonging to You

Another common type of credit report error is accounts that don’t belong to you. Unfortunately, identity theft is a real problem and can cause fraudulent accounts to appear on your credit report. These accounts can lower your score and make it difficult for you to get approved for loans or other types of credit. 

The good news is that you can dispute these accounts and have them removed from your report. You’ll want to include a police report or other documentation showing that it’s a case of identity theft. 

3. Duplicate Accounts

Duplicate accounts are another common type of credit report error. These can appear when you open a new account, and the creditor reports it twice or if an account is reported under two different names. 

This type of error can be tricky to spot, but it can have a big impact on your score. That’s why it’s important to go through your report carefully and look for any duplicate accounts. 

4. Incorrect Account Status

Incorrect account status can include accounts that show up as open when they are actually closed—or vice versa. When this happens, it can have a dramatic effect on your score. 

5. Late Payments That Were Actually on Time

Late payments are one of the biggest factors in determining your credit score. And unfortunately, late payments can sometimes be reported in error—even if they were paid on time. 

If you find a late payment that was actually on time, you should dispute it as soon as possible. Include documents that show when the payment was made and any other relevant information. This can help get the late payment removed from your report. 

6. Incorrect Credit Limits

Having incorrect credit limits on your report can also have an effect on your score. This is because the credit bureaus use the reported limit to calculate your utilization rate—the amount of available credit you are using. 

7. Accounts Missing From Credit Report

Life happens, and sometimes accounts can fall off your credit report. In other cases, you might find an account on your credit report that doesn’t belong to you at all.

An example of an account missing from your credit report is when you close an account, and it falls off too soon. This can happen if the creditor doesn’t update their system in a timely manner. 

8. Incorrect Balances

This can be an annoying error because credit card companies are notorious for making mistakes with balances. If you find that your balance is incorrect, it’s best to call and dispute the amount with them as soon as possible. 

9. Outdated Information

Outdated information can also be a big issue on credit reports. This includes accounts that haven’t been updated in months or years, which can have a negative impact on your score. 

Sometimes, a credit card company might make a mistake and put the wrong balance on your account. This is yet another reason why it’s so important to check your credit report often and make sure all the information is correct.

10. Inaccurate Public Records

Finally, inaccurate public records can be a huge problem. This includes bankruptcies, foreclosures, and other types of negative information that might not be totally accurate. 

If you find any errors in the public records section of your credit report, it’s important to dispute them right away. You’ll want to include any documentation that proves the information is incorrect. 

By being vigilant and checking your credit report regularly, you can catch these errors before they have a chance to do too much damage to your score. If you find any errors, be sure to dispute them right away so they can get removed from your report as soon as possible.

At Fair Credit, we know how challenging it can be trying to get your credit report fixed. That’s why our team of credit experts is always here to help you take control of your financial future. 

We specialize in helping you find and address credit report errors, so you can improve your score quickly. With our help, you can get back on track in no time! Contact us today to learn more about how we can help.

Fixing Your Credit Report Errors

There are essential steps you can take to get credit report errors fixed. These steps include:

• Check your credit report regularly
• File a dispute with the credit bureaus
• Provide evidence of incorrect information
• Contact creditors and lenders for assistance
• Monitor your reports for updates

By following these simple steps, you will have a good head start on getting your credit report back in shape. Remember, it’s important to stay on top of your reports and catch any errors early, so they don’t have a chance to cause long-term damage. 

And for professional credit report help, don’t forget to contact Fair Credit! We are here to help you get your credit report back on track quickly and easily. 

Bottom Line

Credit report errors unfortunately happen more often than you might think. But by staying on top of your credit report, you can address any errors quickly and keep your score in good standing. 

And if you need help getting to the bottom of credit report errors and resolving them, contact Fair Credit today for assistance!