Finding Significant Errors in Your Credit Report

Over the last several articles we have been discussing everything you need to know to understand your credit score as well as what you can do to easily raise your score and increase your buying power in an economy where your credit score is more important than it probably ever has been.  In our last article, we talked briefly about tip nine which was to “blitz significant errors” according to money.msn.com.  Here, we will talk about what makes an error significant enough to take time disputing it.  Below is a list provided by MSN Money:

• “Late payments, charge-offs, collections or other negative items that aren’t yours.”
• “Credit limits reported as lower than they actually are.”
• “Accounts listed as “settled,” “paid derogatory,” “paid charge-off” or anything other than “current” or “paid as agreed” if you paid on time and in full.”
• “Accounts that are still listed as unpaid that were included in a bankruptcy.”
• “Negative items older than seven years (10 in the case of bankruptcy) that should have automatically fallen off your reports.”
What they say NOT to worry about are:
• “Various misspellings of your name.”
• “Outdated or incorrect address information.”
• “An old employer listed as current.”
• “Accounts you closed listed as being open or that don’t say ‘closed by consumer.’”

Right now, with a good credit score, buyers can qualify for little to no interest rates on the new Toyota Prius in St. Louis.  The Prius family has become known in the industry as the most fuel efficient in its class and has a track record of being the best hybrid on the roads.  Come take a test drive today and speak with a finance expert about your credit score.