My Story: Credit Reports

contributed by Yauna

I have often read that a person should check their credit reports annually to make sure all of the information on them is correct. With my busy schedule, I barely have time for the things I need to do, so pouring over a bunch of gibberish I don't understand would always land this task at the bottom of my "to do" pile. Recently we went to a mortgage lender to get pre-qualified for a home loan. When the broker pulled our credit reports, we were surprised to see how many mistakes there were on our report! (This broker uses a credit merge system that compiles all of our data from all three credit reporting agencies.)

Creditors who had been paid off were listed as still being owed money. Our mortgage, which we paid off in full, was not even listed on these reports since we used a Deed of Trust with the previous owner of the property. And two collection agency accounts were listed on our report and these didn't even belong to us. Needless to say, we immediately wrote to all three of the credit agencies with the correct information and corresponding documentation.

This was quite an eye opener and definitely worth the time and effort. If we would have been in immediate need of a loan, we would have been in quite a predicament as the credit reports made us look less than credit worthy and fixing the problem took quite a bit of time and research to accomplish.

"My Story" is a regular feature of The Dollar Stretcher. If you have a story that could help save time or money please send it by

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