Who said that?
Your credit is your reputation. The same way you would protect your personal reputation is the same way you should be with disputing inaccuracies on your credit report. Any inaccurate information should be disputed until it is removed. Don’t let anything slide.
Remember, it is the credit bureaus job to ensure that credit report is reporting NOTHING BUT 100% ACCURATE & VERIFIABLE INFORMATION. Good Credit can still mean inaccurate credit, which can still cause you to be DENIED credit.
The information that is inaccurate or cannot be verified be corrected or removed and it does not matter if it is good or bad. You can have a 700 credit score and have inaccurate information reporting that may cause you to be denied credit. I will give you a few examples.
- Too much personal or outdated personal information on your credit report. (Lenders may view this as a risk and fear that you move around too much. Causing you to look unstable).
- Balances not being reported or updated timely. Let’s say you have a credit card and the balance was maxed out to it’s $2,000 limit but you paid it down to $500 two months ago and the balance has yet to update with the credit bureaus. Not only does that bring your credit score down, but lenders may think that you’re in some kind of financial bind or cannot use revolving credit responsibly.
- Installment loans that are reporting positive but are reporting as duplicates.
As you may know, duplicate account reporting is a big NO NO! It gives the illusion that you are in twice as much debt as you really are. Especially if these accounts are reporting as open.
- High Balance on credit cards reported incorrectly. Of course this is a a no go! With credit cards, the issuer will report the highest balance you’ve ever owned. So let’s say for example that you have a credit card and the credit limit is $5,000 but the most you’ve ever used was $2500 but the credit bureaus are reporting $4500! That’s $500 from maxing out the credit card and is not a good reflection of your credit report.
- Credit card limits not being reported. If your credit card limit is not reported then whatever your credit card balance is reported for that month may be reflected as you credit limit! Not only can this bring down your credit score, but it appears yet again that you are maxing out your credit card each month.