Fixing Your Credit Becomes Necessary in a Broken Credit System

The credit reporting system isn’t perfect. Just ask Ken Clark from Little Rock who was turned down for a vehicle loan and accused of being a con man by the auto dealer because his credit report was marked “deceased”.

Credit reporting errors like these are surprisingly common, and this makes sense in a system where so much information is exchanging hands everyday. Even errors with a “one in a million” chance of happening will happen 3,500 times every month when you factor in the 3.5 billion pieces of account information the credit bureaus receive from lenders per month.

Then factor in systemic flaws in the system and credit errors are much more common. For example, the algorithms used to match loans to credit files use partial matches in some cases. Because of this, someone else’s loan could end up on your credit reports if your name and Social Security numbers are very similar.

And finally, consider all the negative credit listings that may seem accurate but upon further investigation serve to give lenders an unfair impression of your true credit risk. Information on your credit reports that mislead lenders into thinking that you are not worthy of receiving credit at a favorable rate when in fact you are a responsible consumer who can be counted on to repay your debts.

What all these erroneous credit listings amount to is a system where it becomes necessary for consumers to monitor the information in their credit reports and when necessary, work to fix credit reporting errors that get recorded under their name.

When dealing with credit reporting errors, you can work to fix your credit reports on your own or you can make use of the services of credit correction organizations such as Lexington Law who will help you through the process of legally disputing the questionable negative listings in your credit reports.