There are plenty of consumers out there that have unknown credit report errors. In fact, about 25% of consumers with credit cards have at least one error they are unaware of. Typically, these errors are found when someone is looking to obtain a new credit card, obtain a can loan, or purchase a home.
These situations can be quite time-crunched, meaning having to wait for a fix can be quite frustrating. If you want to fix errors with your credit score quickly, there are a few things that you will need to know.
Obtaining Your Credit Report Isn’t Difficult
You can obtain your credit report from three major credit bureaus and you can obtain one credit report per year from each of the major credit bureaus, including Experian, Equifax, and Transunion.
You might be able to obtain a free report from Bankrate, Wallethub, and CreditKarma as well. To do this, simply get onto the bureau’s website and search for links that guide you through the report obtaining process. You should be able to obtain your report in a very short period of time.
You Must Check For Errors
A creditor or credit bureau will not be able to catch an error and inform you about its existence and whether or not it was fixed, You must take that responsibility to check every little detail of your credit report to look for errors. This could take you a bit of time and you may end up having to make a few phone calls, though, to improve your credit score, it is well worth the time.
Here are a few errors to look for:
Misidentification – If you are misidentified due to identity theft, you’ll need to call. This can happen if a creditor misspells your name or enters the wrong address. Maybe your social security number was not entered into the system correctly or your file was confused with another file due to a similar name or similar information. Someone else’s poor credit history could be impacting your score.
Everyone makes mistakes. In the case of a credit mistake, it should be fixed. Some of the most common clerical errors we see include inaccurate input data, duplicate accounts, or negative information that has reached the seven-year limit, though has not been removed. These fixes are often quick fixes, so we recommend clearing them up before they damage your credit any further.
Improving Your Score with Authorized User Tradelines
To improve your credit, you’ll need to get rid of negative items first. Dispute mistakes so that you can have them removed from your credit report to increase your credit score. However, to increase your score faster and move the process along, you might want to consider purchasing authorized user tradelines.
When you are an authorized user, the tradelines you purchase go directly onto your credit history, offering you an increase to your credit score. Essentially, you are given the opportunity to obtain credit from other life purchases from someone else’s positive history.
If you have any other questions regarding authorized user tradelines, make sure to get in touch with us here at Boost Credit 101!