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Credit report errors can devastate credit scores, P. 1

Recently, the Columbus Dispatch reported its findings in a lengthy investigation into the difficulties consumers can experience from errors that may be contained in their credit reports. Ohio residents who are contemplating bankruptcy may think about what effect a bankruptcy may have on a credit score, although most financially distressed consumers may already be experiencing credit score issues.

In many cases, a financially strapped consumer can rebuild credit after a setback. However, when errors in a credit report cause difficulties for a consumer, an experienced credit restoration lawyer may be able to assist in eliminating mistakes in a credit history that adversely affect the credit score.

But our economic system relies on the credit reporting agencies. The recent newspaper investigation into credit reporting issues revealed that certain types of errors in a credit report can be more devastating than any other type of credit issue, according to the Columbus Dispatch. The newspaper reports that those whose credit histories have been erroneously blended with someone else's credit history are the consumers who suffer the most damage from credit report mistakes.

The Federal Trade Commission has fielded a number of complaints from consumers in recent years over the issue of mixed-file issues in the credit reporting system. The Columbus Dispatch reports that credit history files of consumers have been mistakenly merged with the credit histories of close relatives, such as a mother, father or sibling. But mistakes also involve erroneously merged files between neighbors, or strangers who share a similarity in their names. Merged files, however, reportedly may not have any discernable similarity at all, according to the Dispatch.

In the next post, this blog will continue to discuss the issue of credit reporting mistakes, especially in light of mixed-file cases.

Source: The Columbus Dispatch, "Credit Scars: Mixed and marred," Mike Wagner and Jill Riepenhoff, May 7, 2012

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