Common Errors to Look for on Your Credit ReportThe first step is to of course get a copy of your credit report.Quizzle.com will give you a free credit report and score every six months.Once you have your credit report carefully go through this checklist lookingfor some of the most common credit report errors and mistakes.▢ Inaccurate identification dataIt’s not uncommon to find inaccuracies in your name, addresses, employer,or even social security number.▢ Unknown or erroneous accountsThis is a tell-tale sign of identity fraud, which is on the rise. Carefully reviewevery credit account on your credit report and make sure you opened it.▢ Outdated informationCredit bureaus inherently rely on the accurate reporting of creditors. If youmove, change employers, or creditors buy and sell your accounts (i.e.,banks merge or mortgage are sold) there is a lot of opportunity for outdatedinformation to get stuck on your report.
▢ Inaccurate account informationSometimes creditors just get is wrong and report bad information. The mostcommon situations are inaccurately reporting credit limits and outstandingbalances, which can play havoc with your credit utilization--a significantdriver of your credit score.▢ Collections and charge-offsAs you can image, bad debt is a killer on when it shows up on your creditreport and gets figured into your credit score. However, sometimes thesedebts don’t belong to you or are not as bad as they look. For example if amedical debt is prematurely sold to a collections agency, but has been paidby your insurance company.▢ Monitor regularly, at least every six monthsCreditors report new information to credit bureaus every month. Thatmeans the opportunity for new errors and inaccuracies occur every month.We recommend that you use this checklist every month in reviewing yournew credit report.