Credit Repair and Reporting Errors

Credit repair is about cleaning up the errors on your reports and improving your credit scores. This process is not as simple as it sounds. Most people understand the importance of proofreading their reports to make sure that there are no glaring problems needing credit repair. But many reporting issues capable of skewing your credit scores are not easy to spot, and these errors are more prevalent than you may realize.

PIRG Credit Repair Studies

Over the last decade the Federation of State Public Interest Research Groups (PIRGs) have conducted and published a series of reports on the accuracy of credit reports which are often quoted in the credit repair industry. In all cases the results have been consistent; approximately seventy percent of all of the credit reports investigated included mistakes. These mistakes were put into categories based on the seriousness of the errors. The categories ranged from the innocuous to those capable of causing the victim to be denied outright for credit. Approximately 30 percent of all credit reports examined fell into this last and worst category.

The Cost of Reporting Errors

The implications for the necessity for credit repair are serious. The credit markets are extremely sensitive to credit issues and even if your application is not denied outright you are likely to pay a premium interest rate for these credit reporting errors. Lest you are tempted to shrug off this issue it is worth putting a real face on the statistics. Each of the credit bureaus maintains files on over 200 million Americans. If, generously extrapolating, half of all reports have errors serious enough to cause the victims to pay even a small premium there would be 100 million victims, each of whom would benefit from some form of credit repair. Where are you in the mix?

Proofread Your Report Today

When a credit repair professional proof reads your credit report he or she looks for much more than obvious derogatory information. Credit damaging errors include often hard-to-spot compliance issues that at first glance might look okay but should not be on your report as a matter of law. Among these compliance issues are underreported account limits, duplicate accounts, accounts with balances that are actually paid off, collections that have been sold to other collectors, and more. All of these errors can translate into real money; your money. Is it time for your credit repair check up? Call us today!