|
A: Why use a Connecticut Mortgage Broker?
Connecticut Mortgage brokers.
Apply for a Connecticut Home Equity Loan
Apply for a Connecticut Home Mortgage Loan
Contact Us
First Time Buyer in Connecticut Seminar Sign Up
Get Pre-Approved or Pre-Qualified
Las Vegas Loan Modification
Refinance your Connecticut Home Mortgage Loan
|
4. Credit Management >>
P2
When you share a name with your parent or someone with the same name as close as just a different middle initial, their accounts can bleed onto your credit.
Same Street address
Credit can be pulled by street address as well as by name. If someone has the same street number and name, their credit can bleed onto yours.
Creditors misreporting your accounts
Credit bureaus have a tall task in updating information from millions of credit adjustments and updates every month. The credit bureaus will only update the credit with the information provided by the creditors. If a creditor submits updated information and the name, or account number, is inputted incorrectly by 1 letter or number; it can create a duplicate account. This could negatively affect your credit by increasing your reported debt.
If you have paid off and closed a credit card account, or paid off a loan, the creditor must submit a form to the credit bureaus. At that point the account or loan will reflect as closed or paid in full with no balance or monthly payment owed.
In many cases the updates never occur. This means the accounts will continue to show as open with a balance and monthly payment due. The additional balance and monthly payment could negatively affect your overall credit and lower your credit score.
Request a copy of your credit report annually. Review the credit for incorrectly report items and have them corrected. You must request credit reports from each individual credit agency. After receiving the credit reports, you should review each individual report from each individual reporting agency.
Identify any incorrectly reported items and highlight them on the report. Contact each credit reporting agency; inform them that you have accounts that are not being reported correctly. The credit agencies will either send you the forms required to correct the problem, or they may review the identified items while you are on the phone.
Either way, the credit reporting agencies will investigate the claims and notify you of the results. They have up to 90 days to update proven inaccuracies on your credit.
If there are misreported items, you may have to contact the creditors to have them send a letter to the bureaus to correct the inaccuracy. By law, the credit reporting agencies have 30 days for the creditor to correct the problem or report as to why it should remain.
The credit reporting agencies are not liable for any misreported information on your credit. They merely reflect information that is provided to them by your creditors. The credit reporting agencies are very helpful with these types of requests and will do everything they can to give you the correct direction to ensure your credit is being reported correctly.
back next
|