Credit report errors aren’t as rare of an occurrence as you may think. Even the smallest of errors can become a detriment to your credit and your financial situation. In this blog, we’ll show you a few examples of people that became victims of credit report errors, and how they were affected as a result.
1. Twin Sister Mixup
Last year, 36-year-old Laura was selling her home so she could move back home with her parents. She then went on the hunt to find a new home but was met with a confusing compilation. When she went to put a deposit on a new home, she was asked to show proof of mortgage. She was left stunned after she was denied a home loan after knowing for a fact that she had good credit. She had already taken out four separate mortgages prior to this, but she was told that she didn’t qualify by her advisor due to a defaulted account and numerous payment arrears.
Shocked, Laura downloaded a snapshot of her report only to find that her twin sister’s credit details were recorded under her name, despite them have a different first name and first initial. The report even held information about credit cards that she never even had. Neither the credit card company nor the credit reporting agency initially took responsibility for the error, leaving Laura to figure it out for herself. The incident ended up being resolved, but it goes to show how important it is to make sure all of your credit information is correct so you don’t end up becoming vulnerable to these types of errors.
2. The Duplex Double
Another consumer, Lisa, was also a victim of a credit report error. When she and her husband went to apply for credit, they were met with a myriad of problems with their account. For several years, their scores included information from another individual in their duplex that had a similar mailing address and name to Lisa’s husband, only his middle name was different and he wasn’t a “Junior.”
When they went to resolve the issue, they were treated as though they were lying, and they were the ones causing the errors. They ended up having to wait a number of years for the errors to fall off their credit reports because it was such a hassle to get them fixed, and they were only able to find out when it was too late.
3. Mixed File Mishap
Another individual, Frank, also had a credit reporting error involving a relative. His credit history was combined with his son’s, and as a result, he wasn’t able to get a good deal when he tried to refinance his mortgage. Frank and his son have the same first and middle names, so all of his son’s good and bad credit always showed up on Frank’s report. Even with completely different Social Security numbers, there was still an error in his credit filing due to erroneous data.
Credit report mistakes can also happen when data furnishers report incorrect information to the CRA. This can be the result of simple mistakes such as a typographical error, computer error, or a broader systemic problem.
Aleta was mistakenly issued a bill because of a computer glitch. When she tried to get it resolved, she was told that everything was taken care of when it was turned over to a collection agency. After the error showed up on her credit report again, she proceeded to go through the investigation process, but to no avail. She eventually got a letter from her credit admitting that it was their fault, and the collection agency confirmed that she never owed the bill. Even still, after seven months of confusion, the error was still on her credit report.
Identity Theft Incident
Sam, on the other hand, was a victim of a credit report error as a result of identity theft. Someone that had access to his Social Security number opened a credit card account under Sam’s name, but with their own address. The address was in another state where Sam had never lived, and the identity thief as able to make purchases before the account could become delinquent.
Sam didn’t even find out until he was applying for credit where he found out that he had 3 separate errors on his report. During the months in which these errors remained unfixed, he was denied credit twice and his credit score fell by more than 200 points.
Contact Our Florida Team Today!
As you could most likely tell from the stories mentioned above, credit report errors are never a quick and easy fix. We have the knowledge and the experience you need to give you the best chance at getting your credit reporting error fixed.
If you have errors on your credit report and want them gone for good, contact us today through our website or give us a call at (727) 877-3188 to find out how we might be able to help!