What should you do if you find mistakes in your credit report? As you read through your report, make a list of everything out-of-date. These may include such things as lawsuits, paid tax liens, accounts sent out for collection, criminal records, late payments and any other adverse information older than seven years.

Credit bureaus often list Chapter 13 bankruptcies for only seven years, but they can stay for ten. Credit inquiries (requests by companies for a copy of your report) remain on your credit report for up to two years.

Next, look for incorrect or misleading information, such as:

• incorrect or incomplete name, address, phone number, Social Security number or employment information
• bankruptcies not identified by their specific chapter number
• accounts that are not yours or lawsuits in which you were not involved
• incorrect account histories, such as late payments when you paid on time
• closed accounts that are listed as open – It may look as if you have too much open credit. Any account that you have closed should say, “closed by consumer”.
• mistakes made not by you but by your bank or creditors
• any companies that have been looking into your report without your permission

Your thoughts on this subject? Your comments appreciated!

Content © Rich Brott, 2011

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