My Credit Check Revealed a Few Surprises

My Credit Check Turned Up a Few Items That Didn't Belong

It is always a great idea to make certain that the details on your credit report is correct. When checking your credit, many folks are astounded to discover out-of-date or erroneous information about their loans and their payment histories.

Regrettably, you may have delayed checking your credit until one day you are rejected for a loan or denied a charge card.

A short time ago when I went to check my credit, I discovered some out of the ordinary items on my credit check that I had no indication were even there. Loans that I had paid off over ten  years ago were still showing up as outstanding balances on my credit check.

Paid in Full But Still Turned Up on My Credit Check

These two loans were paid in full a decade ago but they were still showing up as open balances. This is very frustrating since those same companies would put a black mark on my credit check in a New York minute if my payments were behind schedule. They can certainly take  their time communicating to the 3 major credit bureaus about payment in full, though.

Although my payment history had been positive and correct for these two bills, they quite possibly could have caused some troubles for me because when a creditor went to check my credit score, I was showing outstanding loans I did not currently have.

I may have had a tough time securing a loan since my credit check  might show inability to pay. My credit report is used to decide if I have the capability to pay. This is also referred to as the customer’s cap in the vocabulary of the loan company.

Checking Your Credit May Identify Errors

I knew the consequence of correct information on my credit check since I was a loan officer some years ago (back when I finished paying my two loans that even now showed existing on my report). When we would check your credit information, we would use a rule to see how the person caps. In other words, we would add the person's total outstanding debt and divide using a formula involved in the procedure to see if the individual could reasonably make payments.

Simply put, if a person’s amount outstanding exceeds a particular percentage of his earnings, he won’t cap. He also won’t get his money. This procedure is used to guard the loan company from making a bad loan and it protects the client from getting in over his head.

My credit check showed that I could perhaps struggle with payments on a loan since two added bills were appearing as monthly obligations that I clearly did not have. Of course, it simply took a few phone calls to get everything ironed out but I could have had cash in hand a few weeks earlier if I had been aware of what was going to be discovered on my credit check in the first place. A few weeks later when I went back to check my credit score, the obligations had been marked as satisfied.

What To do If You Find Erroneous Info on Your Credit Check

If you are turned down for credit or an apartment lease because of erroneous info on your credit check, make sure that you get your credit report from one of the 3 credit reporting agencies that provided the erroneous report. The company that turned you down for the loan or apartment lease must give you the contact info of the credit reporting agency that provided them with your credit report.

The credit reporting agency or credit bureau must give you a free copy of your credit report if you request one within 60 days of being turned down.

You'll want to write to one of the 3 major credit bureaus that turned you down and explain to them why this info is wrong and request that it be removed from your credit report. Make sure that you highlight the items that are wrong on your credit report and send a copy along with any other documentation that supports you. Send this to them by certified mail, return receipt requested.

According to the rules of the FTC, if the creditor cannot verify the information in dispute, then this erroneous information must be deleted from your credit report.

I've provided info for the FTC down below.

 Check Your Credit at Least Once per Year - Every Quarter is Better

Nowadays I check my credit at least once every 3 to 6 months. When I check my credit I not only insure that there are no erroneous items on my credit check but it also allows me to be certain that I am not the victim of identity fraud.

If you are wondering how to check your credit and check what's called your FICO score, I have provided you with the links to the 3 major credit bureaus to help you check your credit.

Further down this page I have listed the 3 major credit bureaus. Although all 3 major credit bureaus keep track of your credit, I feel that Equifax offers more services for the consumer.

Some of the services provided by Equifax include:

• Credit management products like Equifax 3-in-1 Credit Report and Score Watch help you make informed decisions when making purchases, securing loans, paying for college educations, and managing your personal finances.
• identity theft is the fastest growing white collar crime in America. One in five families have been affected by this epidemic. Identity theft protection products like Equifax Credit Watch Gold with 3-in-1 Monitoring continually monitor's your credit files and alerts you of potentially fraudulent activity like a new credit card application that you did not initiate
• Knowledgeable customer care and fraud specialists available 24/7
• up to $20,000 complimentary identity fraud expense coverage with no deductible

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To visit the sites of these 3 major credit bureaus, click on one of the links below:

1) Equifax
2) Experian
3) TransUnion 

To Visit the FTC's Website on Credit:

Federal Trade Commission's website on Credit (877) FTC-HELP

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