Inaccurate personal information is commonly a cause of severe credit issues and complications. Personal information errors include name, address, SSN, and more. The errors can easily cause multiple individuals files to be improperly merged.
The merging of file data in most cases will prevent a consumer from obtaining the highest credit rating. The most common files to see improper data merged is with family. Personally, I’ve seen clients’ accounts where Student Loans were reporting and didn’t belong to them. The loans belonged to a sibling with the same last name, which negatively impacted their credit score.
Creditors do not always need complete information to pull a credit report. If they have enough of the information correct the credit report providers will allow a credit pull. Once the credit pull is complete, the data as entered for the pull (Correct or Not), will now be associated with that consumers credit file going forward.
A consumer named John Joe Doe applied for a credit account with Macy’s. When he completed the credit application the representative from Macy’s entered his name as Joe John Doe. Several things could happen. If there is a relative at the same address with a similar name and social security number, the record scan easily be improperly merged.
Furthermore it is likely that the name Joe John Doe will appear as an A.K.A (Alias) on all future reports . If there is no negative data, this error will not affect John. However the risk is too great not to simply work on correcting this. It also creates the opportunity for accounts that have been removed with the incorrect alias to reappear with another collections agency or creditor during the credit repair process.
Other problems are commonly found with Jr., Sr. and closely named household members. This is a common issue and can typically be quickly remedied. A simple dispute letter requesting a full investigation of the items in question will typically solve the improper account reporting and eliminate the additional names as they appear.
Occasionally a credit reporting agency will insist on leaving some of the personal information in place. They may have reports of it from several creditors. If this happens, you must request a detailed itemization of what credit furnishers are reporting that information.
Once itemization is provided, disputing directly with the data furnisher will expedite the removal of the incorrect data. If the incorrect data is still not removed, feel free to contact us for help with ensuring your credit file is complete and accurate.