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Incorrect Account Credit Errors

Monitoring for errors in your credit report and accounts should occur regularly. Over time, these errors can impact your borrowing capacity and prevent you from attaining loans with affordable rates. Look for the following red flags on your credit report and learn how a Florida credit report error lawyer can help.

Incorrect Account Credit Errors

Inaccurate Personal Information

Some incorrect personal information may be the result of human error. However, you may also find accounts on your credit report that do not belong to you. It is possible to have your name, address, phone number, and employer reported incorrectly. Sometimes, account information belonging to someone with a similar name may end up on your credit report. 

These common errors can impact you unnecessarily and when you least expect it. Finally, criminals may use your personal information illegally to open accounts. Open accounts that do not belong to impact your credit score. 

Data Errors 

Your credit report data populates and updates as creditors report new information. Creditors may be slow in generating reports, leading to a delay in updating your credit report. When this occurs, the incorrect account balance may be displayed. When it appears you owe more money to a creditor, a reduction in your line of credit may occur. 

A creditor failing to record a payment is a significant error that can reduce your credit score, cost late fees, and reduce your borrowing potential. 

Account Status Reporting Errors

Flagging an account may occur for various reasons. Errors in account status may occur because of the following:

  • Inaccurate reports of delinquent or delayed account payment
  • You are incorrectly identified on an account as its owner instead of being verified as an account user only
  • A creditor duplicates an open account on your credit report
  • Reporting a closed account as open
  • Inaccurate account transaction dates

Reach out to the credit bureau and the creditor immediately after identifying account errors. Always retain documentation about your accounts to fight common errors to look for on your credit report, including account payment information, as proof supporting your claim. Disputing a credit report error or incorrect information is possible. You may be owed for damage to your credit in Florida due to errors.

Protect Your Credit Report From Incorrect Account Errors

Incorrect account information on your credit report can be the difference between securing a loan you can afford and lenders refusing to work with you. Identify mistakes in your credit report by taking these steps to protect your credit:

  • Sign up for free bank alerts to see where your money is being spent. You can also stop unauthorized purchases made with stolen credit card information immediately.
  • Review your credit reports regularly and utilize safe, authorized avenues to access free reports from the three credit bureaus.
  • Enroll in free credit report or score monitoring with your financial institution when available.
  • Freeze your credit with the credit bureaus until you need it
  • Use free monitoring services offered to you as a result of a data breach
  • File a dispute when you identify errors

Many financial institutions now work with consumers to allow regular monitoring of credit scores. Utilize the free tools available to you to stay ahead of account inaccuracies and errors that impact your credit report. When errors you can rightfully correct on your credit report cost you, help is available in Florida. Learn more about your options for financial recovery today.

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