How Credit Report Mistakes are Made


Mistakes on your credit report can cause plummet you into the sub-prime, bad credit car loans category faster than a Concorde Super Sonic Jetliner. When a credit reporting agency reports errors however, it's often because their data is incomplete or even contains information about somebody else.

Bad credit auto loans from reporting mistake typically happen because:
  • The person applied for credit under similar but different names (David Smith, Dave Smith, etc.).
  • Somebody perhaps made a data-entry error when reading and entering information from a paper and pencil application.
  • The borrower gave an inaccurate Social Security number, or perhaps the wrong number was entered by the lender.
  • Auto loan or credit installment payments were inadvertently applied to the wrong account.
It's important that you do a thourogh review of your credit report periodically to be sure that they aren't affecting you. Don't settle for a bad credit auto loan that you don't deserve!

Related Posts:
Determine Your FICO Before Applying for an Auto Loan 

Recommended Reading:
37 Days to Clean Credit is a "well-written and very effective course - one of the most popular self-help guides in the credit repair genre these days!"
       - Bad Credit Auto Loans Blog

6 comments:

  1. you absolutely should make sure that you are checking your credit periodically... you end up with crap on your credit report all the time that you didn't actually do! I hate that!

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  3. Hmm that is good point you mention here that data entry can go wrong sometimes. Watching what is happening is very important therefore. Especially when it comes to credit score and report.

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