Credit Report Horror Story

Have You Checked Your Credit Report?

February 25, 2020
by Team SESLOC

Have you checked your credit report recently? Or ever?

Shelli* was doing everything right, but something was dragging down her score — it just didn’t make sense. So she ordered her credit report and found the culprit. There was a delinquent credit card from an account she owned with an ex years ago. She had been removed from it a long time ago, but there it was.

Stories like Shelli’s are not uncommon. In fact, one in five people have at least one error on their credit report, according to the FTC. These mistakes can tank your score, which affects your ability to get approved for a loan and the interest rate you’ll qualify for.

Most issues are due to a simple clerical error. You might see accounts that don’t belong to you, because the true owner has a similar name or Social Security Number and someone made a typo. You might see your accounts reporting an incorrect balance or credit limit. You might see closed accounts that should no longer appear, or accounts incorrectly reported as delinquent.

That’s what happened to John.* He got a car loan, then paid it off in less than a year. Then he saw his credit score tumble. After reviewing his credit report, he discovered that the loan was reporting as a charge off, which is an account so far delinquent that the creditor has given up on collecting it.

You might also discover you’re a victim of identity theft.

Stephanie* read an article about the rise in identity theft cases targeting kids and tried pulling up a credit report for her 7-year-old. Kids shouldn’t have a record, since you have to be 18 or older to get a credit line, so she was shocked to see that he apparently bought a car a few years ago. It was terrifying to feel so vulnerable and exposed.

Children’s information is appealing to scammers because it’s easier to commit fraud and get away with it. The fraudulent account might not raise any red flags because there isn’t any normal activity established, and since kids aren’t using credit, it can remain undetected for years.

Ready to check your credit report? Start by ordering your free copy at www.AnnualCreditReport.com, and follow this guide to fixing errors.

 

*Member names withheld.

Share this post

Like this post

0
“Great alternative to big corporate banks that profess to also be “people” but don’t remind you of any person that ever cared about you in the least.”

Shawn
"We've been members of SESLOC since 1972. It was refreshingly user-friendly then and that attitude continues to this day."

Dan
"Excellent place for depository accounts and loans. Low rates, one of the best online financial services and the people there are friendly... It truly feels like a hometown credit union."

Mary
"All of the employees are always professional and greet everyone with a smile. On top of banking, I have used them for auto loans in the past and have always been happy with the rates and service."

Jennie
"SESLOC has always come through for us, whether it is for car loans, mortgage loans or refinancing. The staff are attentive and friendly, their rates good. SESLOC is our bank for everything."

Mary
"Love this bank! 🤗😁👍 The workers are sooo nice and friendly!!"

Lanie
"The best place to go. Will never go anywhere else for financing my vehicles. Fast, easy, and friendly."

Greg
"I love my credit union because they are straightforward and helpful. I appreciate the many ways that they support financial literacy in the community."

Stacey
"This credit Union Rocks just like Incubus."

Aja
SESLOC Credit Union
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.