3 Ways to Avoid Credit Report Errors

[s2If !is_user_logged_in()]

Credit Score Errors
60 Minutes recently ran a stunning expose of credit score errors at the top 3 reporting bureaus: TransUnion, Equifax, and Experian. A whopping 40 million Americans have errors on their credit report that negatively affect their score. That’s 1 out of every 5 Americans with a credit report!

Unfortunately, that’s not the worst part. The process of fixing errors in your credit report is unfortunately a near-futile process that has taken — according to 60 Minutes — some up to 6 years to correct due to bureaucracy at the credit bureaus.

Can this ridiculousness be avoided? Perhaps not completely. But here are 3 ways to stay on top of and potentially prevent these bureaucratic errors from happening to you.

Please join Price Capital to read the rest of this article.

[/s2If]
[s2If is_user_logged_in()]

Credit Score Errors
60 Minutes recently ran a stunning expose of credit score errors at the top 3 reporting bureaus: TransUnion, Equifax, and Experian. A whopping 40 million Americans have errors on their credit report that negatively affect their score. That’s 1 out of every 5 Americans with a credit report!

Unfortunately, that’s not the worst part. The process of fixing errors in your credit report is unfortunately a near-futile process that has taken — according to 60 Minutes — some up to 6 years to correct due to bureaucracy at the credit bureaus.

Can this ridiculousness be avoided? Perhaps not completely. But here are 3 ways to stay on top of and potentially prevent these bureaucratic errors from happening to you.

1. Proactively monitor your credit report for errors. You’re entitled to a free report from each bureau each year. Every 4 months, request a free report from the government-sponsored site annualcreditreport.com.

If you’re willing to pay a fee, American Express has a service called Credit Secure that will email you when your credit score changes.

2. Protect your identity. If a person opens a card using your Social Security number or other personal information, nip that in the bud immediately. Or, if unusual activity is logged against your name, that also needs to be corrected quickly.

LifeLock has a service that will notify you and work with you in the event that occurrences like the above happen.

3. If you find an error, escalate it immediately. Don’t just call the bureau to report the error. According to the 60 Minutes report, you may not make any quick progress going through a bureau’s standard “error reporting” channels.

Involve your local congress person, and send a letter to your senator. Tell the local media if you’re not making any progress. Shine as bright a light on your problem as possible so that the bureau in question is held accountable by more than one person to fix your error.

Note that Price Capital is not compensated for mentioning any of these services. Other equally useful services may exist. Please perform due diligence and talk with an advisor to understand what is appropriate in your situation.
[/s2If]

The information does not constitute investment, legal nor tax advice, nor an offer to invest or to provide management services and is subject to correction, completion and amendment without notice. Any such offer, if made, will only be made by means of a confidential prospectus or offering memorandum or management agreement. It it not our intention to state, indicate or imply in any manner that current or past results are indicative of future results or expectations. As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment. Acceptable Use Policy.

PLEASE NOTE: External links are provided as a convenience and a link does not imply Price Capital’s sponsorship or approval of any of these sites. When you access external web sites you are leaving Price Capital’s website.

Comment (1)


Comments are closed.