Debt Consolidation Credit Counseling In Phoenix

I bet you didn't know that around 80% of all credit reports contain some kind of inaccuracy. Unfortunately, depending on the number and types of mistakes, this can have a serious negative impact on your score. What's more, this can cause you to end up paying more for loans and credit cards. Some of these errors can be pretty serious. For example, you might find false delinquencies reported, or even accounts that don't belong to you at all!

Some typical mistakes on credit reports are:

41% of credit reports have inaccurate demographic information, including name, addresses, work history, and other personal information.

20% of reports are missing major home loan data. Also, other loan information that proves you are credit worthy.

26% of credit reports show accounts that are inaccurately listed as open or "closed by credit grantor," rather than closed at your request. This can make it seem as though the creditor had cut you off, probably lowering your score.

So what are you supposed to do now?

Obtain a copy of your report and check it over thoroughly. You will need to check even seemingly routine information such as your name, addresses (current and past), birth date, social security number, and so on. Yes, it's a hassle to have to verify the simplest information, but you should do it anyway.

Carefully review every single account on your report from the first page to the last. Verify that every item is reported correctly. It's especially important to pay attention to credit limits, current balances, account opening date, and recent activity.

Don't forget to pay attention to the inquiries section and see which companies have been checking your report. If there are companies that you don't remember, you will need to contact them as soon as possible to make sure you have not become a victim of identity theft.

After you have completely reviewed your report, if you have found any errors, you have a few options on how to correct those errors. You can delete them yourself with dispute letters to the appropriate creditors or credit bureaus, or hire a company to guide you with this, or you may even hire an attorney.