Inaccurate information on your credit report can happen for a variety of reasons. It could simply be that a creditor has failed to report something regarding your credit activity, or has made a mistake in what or how they reported it to the credit reporting agencies. In addition, sometimes a person with a similar name to yours may have their information accidentally included on one or more of your credit reports. Some of the more damaging items to your credit files can occur if someone commits credit or identity fraud in your name. In these cases, charges or actions that the perpetrator committed could wind up on your credit report and be attributed to you.
Be aware that there are three national credit reporting agencies - Equifax, Experian and TransUnion. Each of these agencies operates independently from one another. As such, the information that each agency has received and compiled on you may be different. That's why it's important to request and review your latest triple-bureau credit reports throughout the year, so you can see whether the information each credit reporting agency has on you is accurate.
While not every inaccuracy can directly harm your credit worthiness, having too many mistakes on your report could, and some issues can be very damaging by themselves. Any loans or lines of credit taken out in your name, especially if payments are late or not made, hurt your credit, and will make it harder for you to get credit in the future. If this information is not accurate, or if there is an extenuating circumstance that may have caused such an issue to occur but is not reflected in your report, it could place you into a higher risk category in the eyes of creditors, Furthermore, an item you don't recognize may indicate identity theft, and you'll want to alert the credit reporting agencies as quickly as possible.
PrivacyGuard's triple-bureau credit reports and scores make it easy to keep up with your credit and spot any inaccuracies throughout the year. In addition, PrivacyGuard's daily credit monitoring alerts you of certain changes in your credit files, so you can assess them and see if they properly reflect recent credit actions you may have taken. See details.
Should you find an inaccuracy and need to dispute credit report information, PrivacyGuard's credit professionals can help you file your dispute and provide guidance on the best ways to do so, given the specific nature of the dispute. In addition, PrivacyGuard provides access to credit dispute forms and letter templates directly on its website. This way, you can ensure that you are filing the right forms and including all the necessary information that can help your dispute be resolved more quickly.
While it is hoped you will never need to dispute credit report information, PrivacyGuard is there to help if the time comes. Best of all, you can try all of PrivacyGuard's many benefits right now. Sign up today, and experience how PrivacyGuard can help you make the most of your credit.