Common Mistakes People Find on Their Credit Report (and How to Fix Them)
Monitoring your credit report is more important than you think. Even if you haven’t noticed anything as serious as identity theft (knock on wood), small mistakes here and there can be detrimental to your overall credit. The accuracy of your credit report affects your ability to get loans, rent apartments, and even get certain jobs. Unfortunately, mistakes are more common than many people think, and these mistakes can cause serious financial problems if left uncorrected.
Common mistakes people find on their credit report
Use this list to review your credit report and make sure everything is checked.
Errors in identification and personal information
Seemingly minor mistakes can cause major problems: They can lead to confusion with credit agencies and potentially confuse your credit history with someone else’s.
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Misspelled name
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Incorrect address history
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Incorrect social security number
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Incorrect date of birth
Fraudulent accounts and identity theft
One of the most dangerous types of credit report errors involves accounts opened without your knowledge:
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Credit cards you never applied for
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Loans taken out in your name
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Unauthorized financial transactions
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Accounts obtained as a result of identity theft
Duplicate debt lists
Sometimes the same debt appears on a credit report more than once:
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The same fundraising account is listed more than once
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Transferred debts are shown as separate entries
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Repaid debts still appear as active
Incorrect account statuses
Credit reports may incorrectly show:
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Accounts marked as past due when payments were made on time
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Closed accounts appear as open
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Incorrect credit limits
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Incorrect payment history
Outdated negative information
Negative information should automatically disappear after a certain period:
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Bankruptcies older than 10 years.
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Overdue payment over 7 years
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Outdated fundraising accounts
How to fix errors on your credit report
If you notice errors on your credit report, you will need to take the following steps to file a dispute.
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Get your credit reports . You can request free reports from all three major bureaus (Equifax, Experian and TransUnion) at AnnualCreditReport.com.
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Document errors . Review each report carefully for discrepancies and collect all applicable supporting documentation. Make copies of evidence (payment statements, identification documents). Write a clear and concise explanation for each error.
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Open a dispute. I have a more detailed guide to filing a credit dispute here , but you need to know that there are three main ways to file a dispute: online, by mail, and by phone. The Internet is the most effective method, but the telephone may be sufficient to resolve simple and straightforward errors.
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Follow up. The bureau must conduct an investigation within 30 days. Monitor the progress of your dispute until you receive a written decision. If your dispute is valid, the bureau must correct the information and notify other bureaus to do the same.
How to Protect Your Credit Score
Your best strategy is to take preventive measures, such as checking your credit reports annually, using credit monitoring services , and posting fraud or credit freeze alerts if you find yourself a victim of identity theft. In general, do your best to give away less of your personal information . In cases of serious identity theft, contact the Consumer Financial Protection Bureau or file a report with local law enforcement.
Errors on your credit reports aren’t just inconvenient—they can have financially devastating consequences. Remember, you are your own best advocate when it comes to maintaining accurate credit information. To learn more, check out some of my tips for improving your credit score here .