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Credit reporting agencies determine an individual’s credit score from payment history, type of debt, length of account history, and the amount of revolving debt. Late payments contribute to a lower credit score and can prevent individuals from obtaining new credit or even employment. Creditors are responsible for providing the three major credit reporting agencies with accurate payment information. If the reported information is inaccurate, the credit bureaus and creditors are under legal obligation to remove it.

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Your consumer credit report is the key to purchasing power with credit — a credit report that is free of negative entries and shows a long history of on-time payments can help you qualify for car loans, lines of credit, credit cards and mortgage loans. If your credit report contains a negative entry that you believe was made in error, you can take steps to have the entry removed to preserve your credit score and maintain your creditworthiness.

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When you get a copy of your credit report, it is a snapshot of your balance at the time the report is printed. Your balance will fluctuate all through the month, based on charges, payments, and interest compounded. In fact, the difference may be simply because the credit card company has not reported the latest change to the credit bureaus.

Give it a Month

For instance, if you just made a big payment, and paid off your credit card, it may take a month for it to show up on your credit report.

Mistakes

However, there can also be mistakes. If you have had a credit card that shows a sudden increase in balance, first of all, call the credit card company or go online to make sure your number has not been stolen. They will have procedures in place to protect your balance.

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Lowering a high balance on a credit report can help improve your FICO rating. Creditors send notifications to the bureaus each month, and with these notifications, creditors update your balance on credit cards and loans. High balances decrease your score because the more debts you owe, the higher your debt-to-income ratio. You can combat this issue and lower balances on your credit report.

Difficulty: Moderate

1. • 1Double check the accuracy of reports. A creditor or lender may fail to update your report and report a higher balance after you’ve paid down or paid off an account. Obtain your report from Annual Credit Report and check the balance of each listed account. If creditors inaccurately list an account, contact the creditor and ask it to update your record.
   • 2Decrease the amount you owe to help bring down balances.

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It is beyond doubt that the credit report holds the key to any customer’s financial well being. This report plays an important role in all walks of life including finding a job, renting an apartment, obtaining car insurance and above all, while availing any type of loan from banks and financial institutions. All lenders today look into the credit report to establish the credit worthiness of the applicant and assess the risks they need to take if they approve the loan application.

It is imperative to ensure that all the information present on your credit report is accurate and updated at all times since this information is used to calculate your credit score. Even a small discrepancy in your credit report can impact your credit score which can rob you off your chances of getting the much needed job, apartments or loans.

There are three major credit bureaus in the country from which you can obtain your credit report – TransUnion, Equifax and Experian. Cre

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According to the reports of the new study that was released today by the Policy and Economic Research Council (PERC), consumers can now rest easy and they need not be too concerned if there is a possibility of errors occurring in their credit reports, which could be negatively affecting their creditworthiness.

The PERC research is a statistically sound and comprehensive study that is performed under rigorous peer review. The accuracy of the data that has been collected and maintained by the three major credit reporting agencies – Equifax, TransUnion, and Experian, and the impact of the outcome of the credit report disputes, has been studied in great detail. M

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