Are Errors Affecting Your Credit Score?

Did you just take a look at your credit score and are scratching your head wondering how on earth you have such a poor score

? Sure there might have been a few defaults or delayed payments here and there but still, the score on your credit report certainly seems to be on the lower side. Well it is not just those individuals who have some kind of a loan default in the past who end up with lower than expected credit scores, many a times people who havent defaulted ever in their lives end up with a poor score. This is because they actually have errors on their credit file which does not give accurate information to lenders.

As a matter of fact, so many families get affected by factual errors on their credit reports which make it extremely difficult for them to obtain any kind of loan. You cannot even blame lenders for rejecting loan applications as they are mainly dependent on your credit score or history to judge whether you are eligible for a loan or not. The type of errors on your credit report can be quite minor in nature and sometimes it could be an enormous error as well. Needless to say, the bigger the inaccuracy in your file, the worse your score will get. But be rest assured, even the slightest of errors would affect your score negatively and you will be left wondering what the problem is.

As mentioned above, the type of error could vary in your file. Sometimes it is as simple as two names getting mixed up. Imagine two people having the same name getting their files mixed up with each others due to no fault of theirs. Obviously if the person with whom your file got mixed up has a poor credit history, your credit score would be down. Even though this is a simple mistake, for you it will be a giant headache. The other type of errors could be mistakes made by your past lenders when reporting to the credit-reporting agencies. Sometimes the credit bureaus themselves make mistakes while entering data in your file. Such types of errors are more common than you think and it could be seriously affecting your overall credit score.

This is the reason why it is always a good idea to periodically check your credit history for factual errors. Mind you it can get daunting to check each and every number or information and crosscheck with respective parties to know if there is a problem with your credit file. It may be a good idea to allow an experienced agency to help check your file and improve your credit score. These agencies know exactly where to check, what to check and will ask the right questions to everyone involved. They can save an enormous amount of time for you and more importantly can actually help improve your credit score by making sure each and every aspect of your credit file is accurate and as it should be.

by: Martin Lander

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