Top FCRA Erros

1. Credit Report shows balance due on a settled or paid account. A paid or settled account should report a zero balance.
(Documentation: Settlement letter, payment confirmation, bank statements showing payments, etc.)

2. Report shows a balance after the Creditor discharged the debt with a 1099-C. When a creditor issues a 1099-C they have discharged a debt you owe them and it should report on your credit report as a zero balance. (Documentation: 1099-C)

3. Duplicate accounts on the credit report. Accounts can only appear on your credit report one time.

4. Debt Buyer and Original Creditor both reporting a balance due. The debt buyer can begin reporting a balance, but the original creditor must stop. They can’t both report the debt as due at the same time.

5. Unknown account on your Report. If you have an account on your credit report that you don’t recognize it could be identity theft or someone else’s account. (Documentation: For ID Theft – FTC ID Theft Affidavit, Police report, etc.)

6. Short sale listed as Foreclosure. After a short sale, the mortgage account should report as a short sale and not as a foreclosure. (Documentation: Foreclosure and short sale documents)

7. Debt discharged in bankruptcy reporting a balance due. After bankruptcy discharge accounts should not have a zero balance. (Documentation: Your bankruptcy discharge)

8. Account too old to report. Negative accounts must be removed after 7 years.

9. Your information is mixed with someone else’s information on your Report. Happens with Jr./Sr./III or with common last names. Only your information should be on your credit report.

10. Authorized user’s Report shows all user activity, not just authorized user’s. Only your activity should report on your credit report. (Documentation: The credit reports and possible card statements showing you as the authorized user)

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