Typical Errors

As you should probably know by this point, it is very important to view your credit report every couple months and make sure all of the information is accurate. While some credit report errors may blatantly stick out to you, such as a $30,000 car loan taken out in your name, other mistakes may not be so obvious. Here's a look at several typical errors we find on credit reports that many people overlook:

• Through the simple misspelling of your name or a single wrong digit on a social security number, you could end up with someone else's information on your credit report. This problem can usually be chalked up to human error or sloppy handwriting, if only fixing it was as easy though.
• If you've ever used an abbreviated version of your name or added your middle initial on some credit applications, it's possible that some of your credit may not appear accurately on your report. It's not uncommon for entire accounts to be left off of reports due to this small problem.
• Do you have multiple accounts with the same lender? You'd think this means they will be able to keep better track of your information, however, it often leads to your payments getting applied to the wrong accounts, which could cause you undeserved late fees and lower your score.

Statistics

Looking for some hard proof about the prevalence of errors in credit reports? Check out these recent statistics for the evidence:

• Almost one out of every four credit reports contains errors that significantly lower the score and would cause denial of future credit.
• Over half of all credit reports contained personal identifying information that was misspelled, belonged to someone else, or were otherwise incorrect.
• More than one fifth of credit reports surveyed listed the sample mortgage or loan multiple times.
• The most telling statistic of them all: Nearly 80% of the surveyed credit reports contained an error of some kind. To look at it another way - only one out of every five reports is 100% accurate.

If you have any questions, please visit our Frequently Asked Questions page.