Erroneous  Information on Your Credit Report

Everyone has a credit history. The three main companies that keep track of your bill-paying habits are Experian, TransUnion and Equifax. Each one of these companies has a file on you. Credit Reports are valuable to new creditors because they show your past financial patterns.

Credit reports include:

• Name
• Social Security number
• Address
• Bill-paying history
• Total indebtedness
• A list of people who have made credit inquires about you
• A list of who has denied you credit
• A list of all of your current debts

A great deal of incorrect information often shows up on many credit reports. The three major credit reporting agencies listed above receive more than 500 million credit reports every year. The chances of erroneous information being present on your credit report are quire high. This incorrect information can be negatively affecting your financial life!

Common Errors on Credit Reports

Outdated information: Other than a bankruptcy (which can legally stay on your credit report for 10 years), any derogatory information can stay on your report for only seven years. If something older than that is on your credit report, it can be and should be removed.

Inaccuracies: Credit agencies make many mistakes. An incorrect mark showing a late payment, a repossession that never occurred, or a mistaken tax lien is not unheard of.

In order to rid your report of any mistakes, the first thing you will need to do is to get a copy of your credit report. Click the link to get your Free Credit Report!