Scenarios like this one play out in the United States everyday.
You are ready to buy a car. You are planning to finance it so you allow the dealer to run your credit report. He comes back and tells you that he cannot give you the loan because your credit report states that you are deceased.
People who are confident that they have good credit often scoff at the idea of credit repair.
However, situations like that happen all of time. Errors on credit reports are extremely common and that is no surprise at all considering the massive amounts of information that is constantly being exchanged.
Every day there are approximately 3.5 billion pieces of credit account information that changes hands between the credit bureaus and lenders. At that massive volume, even a ?one in a million? chance of something going wrong happens a staggering 3500 times a month!
Errors and credit reports.
The credit reporting system also has many of its own flaws.
People who share common names often find inaccurate information that belongs to someone else on their reports and using a social security number does not guarantee accuracy as numbers can be transposed and sometimes the algorithms just accept a partial match. Mistakes are inevitable in the current credit reporting system.
You may also have information on your account, which seems to be accurate but upon further examination it is lacking all of the details. Credit reports are notorious for having incomplete, ambiguous, biased and questionable information.
The information showing on your report may mislead a lender into thinking that you are a bad credit risk when in fact you have never had any credit issues at all. Mistakes happen all the time and it can be very unfair to the responsible and dependable consumers.
But in the 1970?s the Federal Government enacted the Fair Credit Reporting Act. This law allows consumers the opportunity to dispute anything on a credit report that is misleading, incomplete, ambiguous, unverifiable, biased, unclear or questionable. After a dispute is issued the lender has 30 to 45 days to verify the accuracy of the information or it must be deleted from the account.
Credit repair and credit disputes can be completed on your own and it is not necessary to have professional or expert help. But it does take time and energy and some expertise so if you are lacking in any of those areas you may want to consider the assistance of a professional credit repair service.
Have you ever had to dispute something on your credit report? What happened?
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