What Are Common Credit Report Errors?

Several common errors can show up on your credit report. The best way to fix these mistakes is first to understand what they are and how they can affect your financial health.

1. Incorrect personal information

One of the most common errors on credit reports is incorrect personal information. This can include your name, address, Social Security number, and date of birth.

If any of this information is incorrect, it can be challenging to get credit in the future. It can also lead to identity theft.

2. Incorrect account information

Another common error is incorrect account information. This can include the wrong balance, credit limit, payment history, or account status.

Incorrect account information can make it challenging to manage your finances and may hurt your credit score.

3. Incorrect inquiry information

Inquiries are requests for your credit report that potential lenders make. Each inquiry is recorded on your report, and too many inquiries can hurt your credit score.

Inquiry errors can include inquiries that were not made by you or inquiries that were made but are not shown on your report.

4. Incorrect public record information

Public records are part of your credit history, including bankruptcies, foreclosures, and tax liens. These items can stay on your report for up to 10 years.

In the future, obtaining credit may be more difficult if you have incorrect information on your public record.

5. Incorrect derogatory information

Derogatory information includes late payments, collections, and charge-offs. This information can stay on your report for up to 7 years.

Reputation can be tarnished if false information about your character is circulated. It can affect your credit score.

If you find any errors on your credit report, you should contact the credit bureau and ask them to correct the information. You should also keep a copy of your report so that you can dispute any errors in the future.