3 Unknown Reasons You May Have a Low Credit Score

Having a good credit score makes your life a lot easier and stress free

. You might have applied for a store card, an auto loan, or home loan recently and discovered your credit score is bad. Maybe it was a shock, maybe not. There are several reasons your score could be low. Some of the reason my be entirely your fault. But, some things affecting your credit score may not be your fault at all.There are some very surprising reasons your score may be low. I will tell you about three of them and how to start to get them corrected if you are suffering from them.FRAUD. Credit fraud runs rampant in the USA. Many people are simply unaware that they are victims of fraud. You may think that the only reason your credit score is low, is all your fault. When people take the time to look at a detailed credit report, they sometimes discover accounts on their report that they never opened. Even more shocking to some, is that these accounts have balances that were not paid. Somehow, someone got your financial information and applied for some type of credit in your name. Then they purchased things and left you with the bill. It happens thousands of times daily.A CREDIT COMPANY ERROR. Sometimes, credit companies do make mistakes. No one, or no one company is perfect. It is common for people to see their detailed credit report, and then realize they were reported as being late on a payment, but in actuality, they never were late. Many times this error can be fixed with a simple letter (with proof of your on time payment) written to the creditor. It might take some time and a few letters, but it is important to get that bad spot off your credit.A BAD MARK WAS NOT REMOVED IN A TIMELY MANNER. There many consumer laws in the USA that protect you and help to keep your credit accurate. There is a time limit that late payments, charge-off, even bankruptcies can stay on your credit report. Learn your rights about credit reporting.One of the best things you can do today is to try and understand your credit report fully. You are entitled to one free credit report every year. Make sure you take advantage of this so you can find out if you have any problems on your report. If you don't know what is causing the problem, it is near impossible to fix.

3 Unknown Reasons You May Have a Low Credit Score

By: Robert Carleton

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