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Consumers are unknowingly hurting themselves on a regular basis. Although most consumers are aware that there is a credit report "somewhere", they have never taken the time to find out what is actually in their credit report, whether or not that data is accurate, and that there are actually three separate companies that maintain a credit file on them. The last statement is important, because since there is really no affiliation or sharing of data between the credit reporting agencies, the profile they have on you is DIFFERENT at each one. The really scary thing that most people are not aware of is that there is a strong likelihood that the information contained in each of your three separate credit reports contains one or more errors. Sometimes those errors can be serious enough to have a lender decline your credit application or perhaps approve your application but at a higher rate of interest than what you really should be paying, if the data in your credit report was accurate. You see, a potential lender takes no responsibility for ensuring that the information he gets about you when they pull your credit report is accurate. The information they are given is what they assume to be gospel. Likewise, the credit reporting agencies (Equifax, Experian, and Transunion) also take no responsibility to ensure that the data is accurate. Their viewpoint is that they don't MAKE the news, they only REPORT it, and they report verbatim the information that your creditors have given to them. And surprisingly enough, your creditors cannot be sued for reporting inaccurate information about you in their reports to the credit bureaus – hey, mistakes happen. Where this is going is that YOU are the only person who is responsible for identifying the errors in your credit report and getting them corrected. If you find an error in your credit report (and studies indicate that the vast majority of consumers WILL find at least one error), then it is your duty to notify the credit bureau. They then have a legal obligation to contact the creditor and either verify the information, or if it cannot be verified, they are obligated to remove that piece of information from your credit report. But again, the ONLY person who can initiate this investigation is you, and if you do not, then inaccurate information about you and your credit profile will be shown to any company who pulls a credit report on you. It is MUCH easier to get this done ahead of time, like NOW, instead of when you are sitting at the car dealership trying to explain that charged off loan or those past due tickets to Tibet that are showing on your credit report. The car dealership cannot do anything about it, and if you have not taken responsibility for ensuring the accuracy of your own credit reports, they may not even believe you. A regular review of your credit reports is also strongly advised to protect yourself against identify theft. Identity theft is one of the fastest growing crimes of this century, and many times a "bogus" account showing on one's credit report is the first clue that your identify has been compromised. For more insights and further information on how to Raise Your Credit Score by disputing inaccurate information, as well as getting free copies of your credit reports, please visit our web site at http://www.credit-help-center.com
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credit score, credit bureau, credit report, fico score, identity theft,
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