The Most Common Credit Report Problems

10743781_s-278x300Did you know that there can be mistakes on your credit report? Sometimes the errors are minor and don’t really affect your credit file or credit score.  But sometimes, the errors are pretty serious and can wreak havoc on your life.

Errors most commonly happen after these life events:

  • Bankruptcy
  • Divorce
  • Unemployment
  • Illness
  • Foreclosure or Short Sale

We wish the list of problems you can have on your credit report would fit in one blog! However, instead we will tell you over a series of 5 blogs how these life events affect your credit and why.

But this week, here are the top 3 most common problems we see on credit reports:

#1  Personal Information errors.  If your name is misspelled, your address is wrong or outdated, or your social security number is incorrect then you could have errors on your credit report.  Typically, these errors include account information that is not yours.  So comb through your credit report and make sure you recognize all the accounts.  It’s important that you don’t just allege fraud willy-nilly. Instead really try to recall whether the information is yours.

 #2 Late Payments. Sometimes you forget to make a payment and sometimes your payments don’t go through.  In either case, it is important that you make up missed up payments otherwise you may end up with the dreaded “rolling lates” aka a series of late payments.  In some cases, the best you can do is stop the damage. In other cases, you may be able to politely ask the creditor to forgive the late payment and remove it from your credit report.  They do not have to do this, but it doesn’t hurt to ask.

#3 Past Due Balances.  If you have missed payments, then you probably have a past due balance on your credit report.  Make sure you pay off that past due balance as quickly as possible because it is keeping that account in bad standing.  Most people don’t realize they have a past due balance until someone points it out to them on their credit report.

So now you know 3 things that could be hurting your credit and how to fix them! If you need more explanation or if you have other problems and you need help, give us a call to schedule your free consultation. (480) 907-6088, or click the button.

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Arizona Credit Law Group, PLLC is a law firm helping with credit errors.
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My firm has 3 goals – be cost effective & efficient, make complicated things simple, and change the way people think about attorneys. We do this by offering flat rates with payment plans, educating our clients, and by encouraging everyone to ask us questions to better understand what we do & why we do it. I am a credit attorney and I love helping people with debt and credit legal issues.

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