23 May 2022

The Impact of Inaccurate Information On Your Credit Report

If you’ve read any of our blogs at Boost Credit 101, then you know how often we talk about the different scenarios that can have a negative impact on your credit. Sometimes, however, it’s the things that are right in front of you that are having a negative impact.

One of the main reasons people seem to have trouble raising their credit scores is due to inaccurate information on their credit reports. Luckily, there are ways to remedy this situation and improve your credit score without making too much of a fuss.

Come dive in as we explore more about what to do in the case of finding inaccurate information on your report.

Looking At Your Credit Report For Incorrect Information

We recommend pulling up a free copy of your credit report every now and then to make sure you’re not finding any incorrect information. Make sure to look for any negative marks first, such as missed payments, hard inquiries, or high utilization ratio.

If you don’t find any of these elements, the next thing to look for is incorrect information. If you happen to stumble upon any information that you know doesn’t belong there, it’s important to get the information removed as soon as you can.

The Impact of Inaccurate Information On Your Credit Report
The Impact of Inaccurate Information On Your Credit Report

In some instances, it is possible to attack multiple bits of inaccurate information at once. The first thing you need to do is get in touch with the credit bureaus using a formal letter. In this letter, make sure to clearly note what’s wrong so they can make any necessary changes.

In the best-case scenario, you’ll find a lender that is responsive and ready to help you.

However, there are some cases where you might find yourself dealing with identity fraud. People can open up credit card accounts by using your information. In this case, these credit card accounts are fraudulent.

If you are unfortunate enough to be in this situation, we recommend getting in touch with a professional credit repair service to remove the information.

No matter what kind of problems you find when looking at your credit report, it is important to remove them as soon as possible so that you can move forward and reach your credit goals. Make sure to check your credit report annually to ensure any incorrect information doesn’t pop up and create problems for your score.

Final Thoughts – Getting Your Credit Score Back On Track

We hope that you’ve found the information in this article helpful. It is next to impossible to get your credit score back on track without getting negative information removed from your reports.

If you are looking to potentially increase your credit score after getting rid of any negative marks, we can’t recommend anything better than authorized user tradelines. You can purchase tradelines to take advantage of years of positive credit history, improving accounts that are in good standing.

Make sure to get in touch with us here at Boost Credit 101 to learn more!