If your credit score means a lot to you, what do you do about it? Most likely you pay your bills on time, never get near your credit limits, and you work hard to pay off of your loans so you are debt free. Yet the credit report comes and you practically faint at their accusations. Your cousin who has the same first and last name has their credit report mixed with yours, someone from a different state is using your name to pay for their internet bill, and those concert tickets you bought when you were eighteen on your family credit card are still unpaid.
Sadly, individuals aside from you can play a factor in your credit report. There are many different ways this can happen - usually through identity theft or identification mistakes. No matter how bad the damage may seem, just relax and figure out exactly what is going on in the report.
How does this happen? There are many different ways. Most of these though are through mix ups with the report. This means that they someone cross referenced your information with someone who has a closely related name; which ultimately results in an awkward score that can be easily disputed. However, if this does happen to you; remember to get your credit report more regularly in case it does not get fixed right away.
The second big thing is the pre-adult credit cards. When you were in high school and your parents gave you a credit card with your name on it for gas and food - those concert tickets were never part of the deal. So instead of paying the bill, they cancel the card and those debts still linger. Now that comes back to haunt you. Do not be too concerned as these can be disputed and often times taken off with patience and time.
Then there is the most feared possibility - identity theft. Identity theft, unlike your accidental mix up with a closely related name; is completely intentional. They are stealing your funding without you ever knowing, until now. Report this instantly and dispute all the charges as this is not only a credit score problem but a legal problem.
A great way to start is to look at your bank account and your credit cards to check and see if anything has ever been taken out without your approval. Say you see something you did not buy or money you did not take out - contact the bank or card company immediately. That way you can put a stop to the withdrawals or spending and hopefully catch the person responsible.
If this happens or an identity mix up, sometimes it is best to file a report with your state and the FTC, or Federal Trade Commission. This ultimately shows the credit report agencies you mean business with their mistakes and want them corrected as soon as possible. Not only will it save you the trouble of dealing with the credit report agencies but it can also help other people who are suffering the same issues.
So now you know how other people can mangle your perfect credit score. What does it all mean? Overall, you should always be very cautious when talking about your finances and should keep your information and account data secure at all times. One small account number can lead to a world of problems; so be safe to keep your credit score safe.
Tags: Financing
Leave a Reply
You must be logged in to post a comment.