Hot Topic For the Week - Credit Scores, Part 1

Hot Topic For the Week  - Credit Scores, Part 1

Your Credit Report Mistakes

Okay, so in reading many articles this week, the hot topic seems to be Credit Scores.  And in attending one of my networking groups, the speaker this week was on - you guessed it, Credit Report Mistakes.

So the first issue regarding credit repair I will be discussing this week is the fact that 40+ Million Credit reports contain mistakes.  That's one in five.  A staggering amount to be sure.  

The number one issue is still identity theft according to the FTC Report on the 2012 complaints regarding credit score mistakes.  This is huge because the Federal Trade Commission received more than 2 million complaints.  And more than 43% were related to tax or wage related fraud.  

(Photo By Dave Dugdale from Superior, USA (Analyzing Financial Data  Uploaded by Ainali) [CC-BY-SA-2.0 (http://creativecommons.org/licenses/by-sa/2.0)], via Wikimedia Commons)

The Top 10 Credit Score Mistakes are as follows:

1.   Identity Theft

2.   Debt Collection

3.   Banks and Lenders

4.   Shop at Home and Catalog Sales

5.   Prizes, Sweepstakes and Lotteries

6.   Imposter Scams

7.   Internet Services

8.   Auto-Related Complaints

9.   Telephone and Mobile Services

10.  Credit cards

One of the things that was stressed in this presentation by Cesar Marrufo of Elite Financial, LLC was the fact that you should be checking your credit reports monthly.  For instance there have been cases where the credit was great and then the couple applied for a home loan or refi and were turned down... in one particular case this was due to identity theft.  But it could go on and on for quite a few months or years if you don't check your credit reports on a regular basis.

Two places where you can be checking your credit reports monthly are Credit Karma and Credit Sesame.  You just never know when something that requires immdeiate attention will pop up, possibly needing a loan or even a discrepancy on your credit reports that requires attention. And you just can't tell when it will be the RIGHT time to buy or sell your home.

If you are thinking of selling in the SoCal 210 Corridor, please call me for a free home valuation during the month of May.  And if you have real estate question, or other real estate needs, please don't hesitate to call me. I will be honored to help you.

Serving the 210 Corridor - the cities of Monrovia, Duarte, Azusa, Glendora, San Dimas, La Verne, Claremont, Upland, Pomona, Chino, Chino Hills, Rancho Cucamonga and Fontana - wherever the need arises.

Warmest Regards,
Linda K. Mayer, Realtor, SRES
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com 
Linda's Website (Home Search
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