Common Errors That You May Found In Your Credit Report For Rectification?

By: Bad Credit Loans In Ontario  19-03-2014
Keywords: Personal Loans, bad credit loans, cash loans

Credit report of an individual tells his/her credit worthiness in the money market. It tells a lot about an individual to the potential lender, landlords and even employers who check it before offering them the opportunity. That is the main reason one has to keep a regular check on his/her report in order to make sure it is free from errors and represent you in a good manner in front of others. It is important to note that there are many common errors which people usually find in their credit report so you should carefully review your file at least once in a year. Common Mistakes To Look For In Credit File It is very helpful to keep common errors that you may find in your credit report in your mind while checking your file. So, here are some of common mistakes found in the credit report: • Wrong Information It is very common that people find wrong information in their credit report. There are times credit reporting agencies confuse between similar names, address, employers, social security number, etc. In this you may find information of some other person in your credit report. You may also find the information mixed with your ex spouse with whom you are divorced. So, check your details carefully. • Outdated Information Another common mistake you may find is the outdated information in your report. Every detail has a legal deadline after which it has to be removed from the credit report. If you find any such outdated information that has to be removed then simply mark for the rectification. • Phantom Foreclosures There are times when people modify their mortgage loans or sell their property to pay off the loan amount themselves but it came under the category of foreclosure. However, it should come as such because foreclosure can negatively affect your credit rating. So, check for it and mark it for modification. • Victim Of Identity Theft If you find mixed account information in your credit report then you may be the victim of identity theft. It is very necessary for you to check for it and take the necessary step for rectification. • Double listing of Information Sometimes credit agencies enter one point twice or even thrice in the credit report under different banners. It is important to rectify that doubled information because it can affect the credit rating of the report holder. Steps To Rectify The Common Errors If you find an error in your credit report you must take the necessary to rectify the error so you get the clean report and increased credit rating. Steps to follows: 1. Write the letter to credit agency issued you the report explaining about the errors. Request them to carry the investigation and rectify the mistake. 2. Send the letter with report marked with error and other necessary documents. 3. Credit bureau legally have 30 days to investigates and correct the error. So, recheck your report after that time frame. 4. After completion of investigation they provide you the written result. If there is error they rectify it and inform the error to other agencies also for rectification. For More information and any query visit at :

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