Common Errors Found in Credit Reports – And How We Fix Credit Can Help

Personal Information Errors: Incorrect personal details such as misspelled names, wrong addresses, or incorrect birthdates are often due to clerical mistakes. These errors can cause confusion with other individuals’ credit histories.

Duplicate Accounts: Duplicate listings of the same debt can occur due to reporting errors or outdated information from creditors or collection agencies. These duplicates can inflate your debt and negatively affect your credit score.

Incorrect Account Status: Sometimes, accounts are incorrectly marked as closed, in arrears, or in collections. For instance, a loan you’ve paid off might still show as active or an account in good standing might be reported as delinquent, harming your credit score.

Inaccurate Account Balances: Errors in account balances can result from reporting delays or mistakes by creditors. A higher reported balance than what you owe can skew your credit exposure, impacting your credit score.

Unauthorised Accounts: Accounts you did not open may appear due to identity theft or data entry errors. These unauthorised accounts can severely affect your credit standing.

Outdated Information: Sometimes, credit reports include outdated negative items, like debts or late payments that should have been removed after a certain period. Removing this outdated information can help improve your credit score.

Incorrect Credit Limits: Errors in reporting credit limits can distort your actual credit exposure. A lower reported credit limit than your actual limit can make your credit exposure appear higher, negatively impacting your score.

Incorrect Default Listings: Default listings may sometimes be reported inaccurately. This can include defaults that are incorrectly recorded or listed for amounts that are not accurate. An incorrect default listing can significantly damage your credit score, as defaults are seen as serious credit issues.

Incorrect address History: When you move to a new address and apply for credit, this information updates on your credit file as a new address. If you move often, your credit score will be impacted by the changes. It’s important to check your adress history on your credit report as this is often overlooked thus allowing incorrect information to remain published on your credit file which could affect your credit score.