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Common Errors to Correct in Individual Credit Report

A study conducted by the U.S. Public Interest Research Group says that a whopping 79 percent of all credit reports contain erroneous information. Experts and credit restoration attorneys in Ohio know that erroneous information in credit reports can have serious adverse effects upon an individual's credit score.

Credit scores are calculated based upon the data in a credit report. Banks make their lending and interest rate decisions based upon credit scores. There are things that can be done to restore credit scores based upon mistakes in a credit report.

Creditors are constrained by law in their credit reporting practices. For instance, after an individual files for bankruptcy, the debts that are discharged in the bankruptcy should no longer appear as a past due or payable debt.

Many credit reports contain erroneous information regarding outdated or paid judgments. A paid legal judgment should be removed from a credit report. Outdated judgments should disappear from credit reports after seven years. Similarly, late payments and charge offs should be removed after seven years.

Debts owed to the government are treated differently. A tax lien can remain on a report for 15 years.

Many creditors sell debt to other collection agencies after some time. A single debt should not appear more than once on a credit report.

Many credit reports contain erroneous information about accounts that the individual does not own. Credit accounts of spouses and even people the individual does not know can mistakenly be tied to a credit report. Mistakes in the credit report should be disputed.

The credit bureaus must investigate claims of mistaken data in a credit report. If the creditor cannot prove the accuracy of the information the erroneous data must be removed. After information is removed, the creditor cannot have it reinserted to the report without certifying the negative information is true and accurate. The credit bureau is also supposed to notify the individual of the reinsertion so the individual can dispute the data.

It is important to protect your rights, especially with as high as 79 percent of all credit reports containing errors. An individual should review their credit report for errors and speak with an experienced credit restoration attorney.

Source: ABC News, "How to Check and Correct Your Credit Report," Elisabeth Leamy, 15 Nov 2010

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