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You've Received an Erroneous Personal Credit Report |
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If you are planning to apply for a loan, you should check your personal credit report because most of the banks and financial institutes use your personal credit report to determine interest rate on the loan. If your credit report is good, you can easily get a loan, otherwise, you need to put much effort to avail it. Every financial institute or bank wants to see your personal credit report before it sanctions you the loan. If your credit score (in the report) is high you are likely to get low interest rate and vice versa. But do you know about the errors that are present in several personal credit reports? To be true, all personal credit reports are not flawless. According to one recent study, almost 80% personal credit reports contain errors. Several studies conducted over the last 15 years clearly show that personal credit report is suffering from mistakes and inaccuracies. But the newest study, conducted by the National Association of State Public Interest Research Groups, appears to be a red alarm for consumers. The study reveals that 79% of all personal credit reports contain errors, among which 25% are serious errors. And consumers who fall amidst this 25%, they are more likely to be denied from accessing a loan. Apart from these errors, the National Association of State Public Interest Research Groups also found out some errors regarding personal credit report. These errors are as follows: --54% of personal credit reports contained errors as far as consumers' names, date of births, social security number, and information about the spouses were concerned. For instance, one personal credit report mentioned a man's business partner as his spouse. --30% of personal credit reports listed closed accounts as open accounts. --22% of personal credit reports listed the same loan twice. --8% of personal credit reports didn't list any kind of major loan, credit, mortgage or other accounts. If you see the errors in the personal credit reports, you will find that majority of the errors occur when credit accounts change hands. In other words, personal credit report exhibits more errors when your name is listed in another person's account or vice versa. But you may ask how could this happen as long as the big three(Experian, Equifax and TransUnion) credit-reporting agencies are present? Frankly speaking, the range of information included on personal credit report issued by credit-reporting agencies is smaller than many people suppose. Credit reports usually include only the following kinds of information: --Consumer's name, address, Social Security number, employment details, and spouse's name. --Open credit lines, outstanding credit balances, credit limits, and history of regular and late payments, and amount last paid. --Bankruptcies, liens, and public judgments against the consumer. But these reports don't include personal information about one's lifestyle, religion, political affinities, driving record, and medical history. Therefore, the chances of errors on the part of credit-reporting agencies obviously rise. Other mistakes are simply human error. According to a credit bureau industry spokesman, 4.5 billion updates of personal credit reports are filed each month by some 30,000 data processors, leaving considerable room for errors. But most average Americans don't think about the serious consequences of these errors. They even don't know how much are the personal credit reports important in getting a loan to buy a house or a new car or anything else. Most of them come to know about the significance of a personal credit report and credit score only after being turned down for credit. Potential employers are the most surprising use of personal credit report. In recent months, newspapers have published stories about people who have been rejected from their job application after employers examined their personal credit reports. Therefore, it has become very important to take proper care of your personal credit report. If you find any kind of errors on your report, immediately contact the credit bureaus. Moreover, try to obtain a copy of your credit report from each credit bureau every year. |
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