Vantage Acceptance Reviews FTC Credit Reports

| January 26, 2016 | 0 Comments

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The Federal Trade Commission has estimated thatone in four consumers have credit reports that contain inaccurate or erroneous information.

At Vantage Acceptance, we’ll review your credit report and work with credit bureaus and creditors to get errors corrected fast. After all, your credit score helps to determine whether you can borrow money to buy a home or car, obtain a job, rent an apartment and more.

There was some good news on this front in 2015. The nation’s three credit bureaus, Equifax, Experian and Transunion, agreed to implement a set of reforms aimed at addressing the problem. Under a settlement they reached with New York Attorney General Eric Schneiderman  — and agreed to put in place nationwide — the bureaus pledged several consumer-friendly changes to the credit reporting system.

They included making it easier for consumers to get errors corrected, creating a 180-day waiting period before unpaid medical debts can appear on credit reports, and giving consumers a second free copy of their credit reports each year so that they can check to see whether reports have been fixed without paying

Here are seven of the most common mistakes on credit reports:

  1. Wrong name – The first thing you should do is make sure your credit report contains the correct spelling of your first, middle and last name. If not, you could be unfairly paying for someone else’s credit performance.
  2. Who did the closing? – If you see an account that reads “closed by vendor” but you know that it was actually you who closed the account, you’ll want to take action. Such a notation hurts your record.
  3. Time’s up – Debts that are older than seven years should not still be on your record, so if they are, notify the credit bureau and get them removed.
  4. Once is enough – Debts are sometimes mistakenly duplicated on your report, making it look like you have more debt accounts than you actually do.
  5. We’re done – Make sure your name is no longer appearing on debts jointly held with an ex-spouse if they are debts that have been incurred after the divorce.
  6. Take it to the limit – Sometimes the credit bureaus list incorrect credit limits for your credit cards. For example, if you have a credit card with a $5,000 limit and you owe $3,000, you should have a debt utilization ratio of 60 percent ($2,000, the amount you ha available but haven’t borrowed, divided by $5,000). If your credit report lists a debt utilization ratio lower than that, it hurts your credit worthiness.
  7. It wasn’t me – A growing reason for credit report errors is identity theft, where someone has used your personal information to make fraudulent purchases with credit cards. Make it a habit to check your credit report regularly and if you see any charges you don’t recognize, report them to the credit bureaus and place a hold on the card(s) that were used. Credit card issuers typically will pay these charges.

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