| Whether you like it or not, you have a credit score. | | | | since you undoubtedly have a DIFFERENT credit |
| And equally distasteful is the fact that you have very | | | | score at each credit bureau! Yes it really is as simple |
| little say-so into what your credit score is. Actually, that | | | | as that, and yes, you should be concerned. |
| is not true, despite the fact that most people would | | | | You have rights and one of those rights is that the |
| believe that. The biggest reason that most people | | | | data that the credit bureaus keep on you is accurate |
| believe that is because they see the big three credit | | | | and reflects the truth. And yes, the law even |
| bureaus (Experian, TransUnion, and Equifax) as big | | | | recognizes that there can sometimes be "extenuating |
| profit-motivated conglomerates whose job it is to | | | | circumstances", and while most consumers do not |
| make your life miserable when you are applying for | | | | realize it, you also have the right to have a 100 word |
| credit or a loan. | | | | statement included in any credit report that is |
| To a certain degree, you could say that is true but | | | | requested. If you missed two months worth of |
| there is more to the story than that. You see, these | | | | payments because you fell ill to beri-beri or something |
| credit reporting agencies all have to follow rules that | | | | and are now caught up, by all means add a statement |
| have been setup. The unfortunate part is that they can | | | | about that to your credit report! |
| also play dumb, which they do frequently, with the | | | | Upon reading your credit report, you may also find |
| attitude of "we do not MAKE the news, we only | | | | accounts listed that you know nothing about. You may |
| report it". Where all of this is going is the fact that the | | | | have just discovered that you are a victim of identity |
| credit report of the MAJORITY of consumers that | | | | theft, one of the fastest growing crimes of this |
| these companies are reporting on contain ERRORS. | | | | century. To find out more about identity theft and how |
| Yes, this is a known fact, or at least it is a fact if you | | | | to protect yourself from it, you may want to visit |
| follow this industry and understand what they are | | | | Protect Yourself From Identity Theft for more |
| doing and how easy it is for errors to creep into their | | | | information. |
| systems. It is not necessarily a lack of quality control, it | | | | Take the time to get a copy of your credit report, a |
| is simply a matter of the tremendous volume of data | | | | separate copy of it from each of the three credit |
| they deal with. Consider keeping records on about 300 | | | | bureaus, and then go through it with a microscope if |
| million (or more) consumers and businesses, and if | | | | you need to. Identify each and every item that is not |
| each one only has had 10 instances of credit or a loan | | | | right and then file a dispute with the credit bureau. |
| in their lifetimes, that is still well over 3 BILLION records | | | | They are obligated by law to either verify the |
| they need to keep straight. | | | | information or to remove it from your credit report. But |
| So let's say that Citibank transposed some digits on a | | | | it does not happen automatically - YOU need to initiate |
| social security number when they reported to the | | | | the dispute, and if you don't, the inaccurate data will |
| credit bureaus last month, and the transposed number | | | | remain on your credit report until the cows come |
| turned out to be yours. Presto, now in the eyes of the | | | | home. |
| credit bureau, you have a Citibank account, which | | | | The more positive things and fewer negative things |
| might even be past due, which lowers your credit | | | | that are contained on your credit report, the higher |
| score. And the fact that some companies only report | | | | your credit score will become. And yes, that part IS |
| to one credit bureau, while others report to two of | | | | automatic. |
| them or all three just compounds the problem further, | | | | |