Whether you have bad credit and are looking to rebuild it, or simply being deligent about checking your report periodically, you need to be aware of the common reporting errors in your credit reports. Below is a list of things to watch out for.

1. Delinquencies that are older than 7 Years – Watch out for these as many states have statutes of limitations within this time frame. You should also be watching out for accounts that are listed as deliquent but do not include date of delinquency. These are items that you should always dispute.

2. Judgement or Paid Liens that are Older than 7 Years – Once again, these are items which you should dispute and get them off your report.

3. Paid off Debt that are still listed as unpaid – Well, this is pretty self explainatory. If you have already paid off a particular debt, they should not be on your report.

4. More than one collection account for the same debt – This results in double counting. There should only be one collection account for one debt.

5. Collections accounts that do not show the date the original account went delinquent – This is the area where you can potentially get a debt wiped out from your account. It works only when your original creditors have sold your collection agency. Very often, collection agencies do not keep proper records and are unable to provide proof that the debt belongs to you.

6. Bankruptcies that are older than 10 years – Bankruptcies should not be in the records after more than 10 years. If they are, you should get them off your records.

7. Accounts, delinquencies, collections that are not yours – Well, this is easily understood. If they are not yours, they should not be in your reports.

This entry was posted on Sunday, March 25th, 2007 at 00:02 and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.