Are There Really Errors on My Credit Report?

(Another slected entry from a previous post on a different blog)

You betcha.... In the 2004 report "Mistakes Do Happen: A Look At Errors In Consumer Credit Reports" published by the National Association of State PIRGs, it was noted that 79% of credit reports surveyed contained "either serious errors or mistakes of some kind". 79% of ALL credit reports contain errors in case you just glanced over that part! Additionally, here is what they found.....

• 25% of the reports contained serious errors that could result in the denial of credit, such as false delinquencies or accounts that did not belong to the consumer;
• 54% contained personal demographic information that was misspelled, long outdated, belonged to a stranger, or was otherwise incorrect;
• 22% of the credit reports listed the same mortgage or loan twice;
• 8% (almost) were missing major credit, loan, mortgage or other consumer accounts that demonstrate the creditworthiness of the consumer;
• 30% contained credit accounts that had been closed by the consumer but remained listed as open.

To view the rest of this article, please visit the Northwest Indiana Loan Guy blog.

Scott Your preferred lender for USDA, FHA, VA and conventional loans in Indiana. Poor credit? No problem...we can help!