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Examining Your Credit Report For ErrorsEveryone knows that they should pull their credit report every year, but not everyone knows what to look for, once they have pulled their report.
The follow is a list of items you should closely examine for once you receive your credit report: Make sure that your name is spelled CORRECTLY and that your Social Security number is correct-You may not think that a simple error such as missing Jr. or a Sr. is a big problem, however it can very well create a huge problem if the wrong information is on your credit report. Verify what accounts are on the credit report-Keep in mind that your report may not show all of your accounts, as creditors are only required to supply information to only one of the three major credit bureaus. However, your credit report
shouldn't show accounts that you've never had either. Examine each accounts activity-Here you want to make sure that the activity reported on each account is accurate and that there
aren't any late-payment notations, or missed-payments, which are false. If you find any negative notations that are false and that you can prove, then you must report this to the credit bureau. This could be a simple mix-up or it could be an indication of identity theft. Examine your report for accounts that you never opened-This could be due to a simple mix-up such as a misspelling of your name, or the wrong SS# entered. However, it could also mean that you have become a victim of identity theft. When Banks and Stores Merge, you can end up with multiple entries for the same account, therefore you have to make sure that an account, which has been moved from one source to another is only listed one time. Overdraft protection lines of credit-These lines of credit are great, however, if they have outlived the account
they're protecting, they need to be closed. Thoroughly examine all of the addresses the reports list for you. As strange as this may sound, but this was how I discovered I had become a victim of Identity Theft.
I've never used a P.O. box, yet three of my credit cards had one listed in addition to my real address. Remember, wrong information means that wrong information is being reported about you and needs to be corrected straightaway. Inaccurate data serves no one and can actually do you harm.
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