What Reporting Errors Can Seriously Damage Your Credit Rating?

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Multiple errors can result in unfair and serious damage to your credit. Being aware of errors can help you prevent damage from occurring or limit the scope of the damage. As such, My Fox News has revealed the most damaging credit report errors that can occur.

  • Account Listed as Closed: When you close an account on your own, it does not affect your credit score. However, accounts listed as “closed by grantor,” means the lender decided to close the account due to your actions and can seriously harm your credit. Sometimes, accounts are listed this way by mistake.
  • Outdated Information: The majority of negative remarks, such as for missed payments or delinquencies, must be removed from your credit report after seven years. However, mistakes may cause these entries to stay on your report for years longer.
  • Fake Accounts: These may be the result of identity theft crimes or belongs to someone with a similar name or Social Security number.
  • Duplicate Accounts: Mistakes may cause account information to be reported twice to a credit bureau. This can result in inaccurate reporting showing that a consumer has more debt than he really has or twice as many credit cards or loans.
  • Old Disputes: Ongoing disputes with lenders over debts may show up on credit reports. Even settled disputes may damage credit scores if the report was never corrected after the dispute ended.
  • Fallout with Ex-Spouses: Couples who have merged their finances may run into multiple problems. Divorced spouses may find their accounts damaged by the actions of their former spouse, even if such actions were taken when they were no longer together.

Los Angeles credit damage attorney Howard D. Silver is dedicated to the rights of every consumer who has suffered due to the errors or wrongful actions of another party. To learn more about how we can help, contact us at (855) 341-2611.

 

Posted Date: 
Wednesday, February 18, 2015
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