Adam Law Group Blog

Resolving Common Errors on Credit Reports

Pursuing bankruptcy allows people to rebuild their credit score. After all, details about a person’s credit history are easily shared with creditors.

While some of us think that credit reports are always accurate, however, the reality is that credit reporting agencies make several common mistakes on credit reports. To achieve the best credit score possible, this article reviews some of the most common mistakes credit agencies make on credit reports.

How to Handle Credit Reporting Errors

If you find errors on your credit report, you should promptly contact the agency that issued the report. All three agencies currently let people file disputes about report details online. Many times, you can make your case much stronger if you can back it with supporting evidence. Even though filing a credit dispute is relatively simple, this will often result in the credit agency conducting a thorough investigation.

Inaccurate Account Status

One common occurrence is that credit bureaus sometimes list accounts with an incorrect status. For example, a closed account might be listed as still open. Not only can inaccurate account statuses negatively impact your credit utilization score, but these details can also impact your credit score if an account is incorrectly listed as delinquent.

Incorrect Account Balances

While it might not seem like a big deal, you should review each account on your credit report to make sure that the correct balances are listed. Incorrect balances can negatively impact your credit utilization score and make it appear to be higher than it is.

Incorrect Credit Limits

It is not enough to routinely review account balances, you should confirm that your accounts have the correct credit limits. Incorrect credit limits can also negatively impact your credit utilization score.

Incorrect Payment History

Besides reviewing limits and statuses, you should also make sure that payment details are listed properly on your credit report. If you are listed as having not made a payment when you did, this can end up negatively impacting your credit score.

Records That Must be Removed

There are various windows of time for how long certain credit details are listed on a person’s account. For example, a Chapter 7 bankruptcy filing will remain on a person’s account for 10 years. While some accounts automatically fall off a person’s credit report after a specified period, this does not always happen. 

Incorrectly Listed Personal Information

Besides the other details, it is also important that your credit report lists your correct personal information. This includes your name, address, and contact details. If this information is listed incorrectly on your credit report, there is a chance that the credit bureau mistook you for someone else. This might even mean that your credit score is mistakenly associated with someone else.

Speak with a Knowledgeable Florida Bankruptcy Attorney

The bankruptcy process is full of challenges. To successfully navigate these issues, you should not hesitate to retain the services of an experienced attorney. 

Contact Adam Law Group today to schedule a free case evaluation.