Mistakes on a credit report seem to be a more and more common item that it noticed. A lot of times a mistake is not seen by the consumer until they apply for credit and are declined due to information reported on the bureau. We understand that in some cases bills don’t get paid and are sent to collections. What we may not realize is that some of these accounts are then sold from one collection company to another. Once these collections are sold the first collection company should remove their item from the bureau. We are seeing more and more cases where the same item is reported 2 or 3 times as a collection. This can bring a persons credit score down significantly. Another instance of a mistake would be too have the same account reported 2 times as a write off in your trade line sections of your bureau. It is very important to remember to provide your legal name when opening up a new account. Opening up a new account with using your middle name, or your second name will not trick the system. This will only assist in causing mistakes on your bureau, moving forward. It is my opinion to keep an eye on your bureau at least every 3 months or so. This would allow a mistake to be noticed and corrected in a 90 day window. We understand that credit granters can see mistakes on a bureau and can sometimes over look these mistakes, but some lenders will look at the low score and not be able to over look the mistakes because the score does not meet their minimum qualifications. If you notice a mistake it would be wise to contact the company right away and ask for them to correct the mistake. This should be done is writing and date stamped. When contacting a creditor or collection company always note who you talked to, the day and time, and the result of the conversation. In my opinion you should always try to get a result from the conversation. When getting a mistake corrected on a credit report always ask the company for a completion date. This will be a date that the mistake will be corrected by. If available, always try to talk to the manager on duty for this. You will want to ask them to manually and electronically correct the mistake. This will mean that they will correct the mistake on their internal reporting system(computer), and they will also manually send the bureau a fax or letter asking them to correct the mistake. You will want to get a copy of this letter for your records. Keep this letter for 6 years in case the collection or mistake shows back up. In my opinion you should always contact the credit bureau as well, and make them aware of the mistakes. They will open up an investigation into this and ask the companies to provide proof of the active collection.

To close off, I cant stress enough how important it is to keep your credit bureau up to date, and reporting correctly. This could be the difference between an approval and a decline.

Just my 2 Cents

-M

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