Credit Report Disaster Through Mistaken
I've got some very important info I want you to think very
seriously about. I'm sure by now you've heard of Identity
Theft,...heck you may have even been affected by it. I know many
of my friends have.
But how about what may potentially be even a more dangerous
threat......."Mistaken Identity". That's right, "Mistaken
Identity"! Throughout my career in lending, the absolute biggest
problem that I've seen clients encounter when applying for a
loan, is someone else's derogatory information showing up on
their credit report!
You would not believe the nightmare I've seen clients go
through, when they realized someone else's bad credit history
was showing up on their report, causing them to be declined for
the loan the should have easily qualified for. Little did they
know that every time someone on the other side of town made a
late payment, or decided not to pay at all, another black mark
was being added to their credit report!
Believe it or not, I've even seen one specific case where
"Mistaken Credit Identity" forced someone into bankruptcy!
That's right, a lady came to me wanting to apply for a new home
loan. Unfortunately she had recently lost her job, her bills
were starting to pile up, and her reserves were running low.
Luckily, or though she thought, she had plenty of equity in her
home that she could access through a home equity loan, to pad
her bank account and give her plenty of breathing room until she
landed a new job.
To her shock and dismay, I pulled her credit report and informed
her that she did not qualify for the loan. She was in disbelief.
"I've never had a late payment in my life"! she exclaimed. I
told her her credit score and began listing off the multiple
derogatory entries that were listed. She couldn't believe what
she was hearing. How could this happen?
It happened because she had a very common last name, and also
shared a very similar first name to another individual who lived
not far from her, and even had a very similar social security
number. Unfortunately my potential client had not applied for a
new loan of any kind for several years and had no idea that
these errors had been piling up. As a matter of fact, the errors
were so severe that despite literally months of working with her
to get the errors corrected, we couldn't wash them away in time.
Her financial situation had spiraled out of control and she was
ultimately forced into bankruptcy.
And......it all could have been avoided if she had only known
the situation existed in time. I cannot stress enough the
importance of having your credit checked at a minimum, every six
months to check it for errors.
Don't let something like this happen to you! I can very easily
be avoided if you take the proper steps.
It is now reported the over 80% of all credit reports have
errors, and if you have a common last name, or have Jr. or III,
etc., at the end of your name, chances are closer to100%!
Don't wait until it's too late, take action now and give your
credit a "check up"!
About the Author
12 Years experience in lending and consumer credit. Author
of "Credit Secrets Revealed" at