Credit Report Disaster Through Mistaken Identity

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 everytime someone on the other side of town made a late payment, or decided not to pay at all, it 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 and 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 begin 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 sprialed 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"!

****Please feel free to pass this article along to a friend, or to publish on your web site, as long as no changes are made to the resource box.****

Don Bethune
Destiny-Marketing, LLC
PO Box 801244
Acworth, GA 30101
http://www.CreditReportRepairOnline.com

---

Some Truth About Credit

Credit is currently and has been historically an integral component... Read More

Credit Trap: What They Dont Tell You About Credit Cards In College

In industrialized nations, going into debt starts early. It's easy... Read More

Five Credit Card Billing Problems and How to Fix Them

It goes without saying that your first and best defense... Read More

Credit and Loan Help for Mortgage Loans

Mortgage loans are some of the most difficult loans to... Read More

Balance Transfers Introduction

Credit card balance transfer involves using a credit... Read More

Identity Theft : They Got Him

His hard earned money? Gone. Creditors on his back everyday.... Read More

Why Does FACTA Matter to Me?

FACTA stands for Fair and Accurate Credit Transaction Act. FACTA... Read More

Credit Cards - Why Prepay?

With prepaid credit cards, you get the practicality of plastic... Read More

Getting Married? What Are The Finance and Credit Implications?

There is a big difference between looking after your own... Read More

Credit Card Dirty Tricks

There are many of us that have been badly stung... Read More

What To Look For In A Credit Card

When you are deciding what type of credit card to... Read More

Your Credit Rating and How To Check It

There is a lot of confusion surrounding UK credit ratings,... Read More

How to Deal with Hire Purchase Debt

WHAT IS HIRE PURCHASE/CONDITIONAL SALE?Although people often talk about "buying... Read More

Dealing With and Repairing Bad Credit

Bad credit can be a burden for otherwise good credit.... Read More

10 Signs You May Need Credit Counseling

Debt management programs can be of real help for people... Read More

Credit Scoring: What You Dont Know Can Hurt You

You've probably heard the term credit scoring. You may have... Read More

My Student Credit Card Adventure

And some practical advice too!My first credit card?I remember my... Read More

The Truth About Credit

What you might not know about credit.Some people don't know... Read More

Credit Cards for Home Business

It is wise for you to have a company credit... Read More

Credit Scores and Loan Applications

Keep Your Credit History Clean - Remove A Negative Credit... Read More

7 Surefire Ways To Repair Bad Credit

Do you have a poor credit rating? If so, you... Read More

Credit Card Balance Transfers Can Help You Stop Putting Money Down The Drain

As you probably know, interest rates are at all time... Read More

Dont Fall for Credit Repair Scams

We've all seen the ads on television or in magazines,... Read More

How To Establish Great Credit

Building a good credit history is important. If you have... Read More

Various Types of Credit Cards - Part 2

Several different types of credit cards offer several different options,... Read More

All About Balance Transfers

What is a balance transfer?A balance transfer can be explained... Read More

Fair Credit Reporting Act: What You Should Know About It?

The Federal Fair Credit Reporting Act (FCRA) is designated to... Read More

Comprehending a Credit Report

Obtaining a credit report is an excellent way to begin... Read More

Saving Money: Quick Cash, High Cost

I didn't think it was possible. But it is. Folks,... Read More

Like It Or Not, You Have A Score To Settle!

Like It Or Not, You Have A Score To Settle!... Read More

How Your Credit Rating Affects You, and How to Check It

You might not know it, but every time you take... Read More

Clean Credit Report: Easily Raise Your Credit Score 100 points

Clean Credit Reports, your credit report contains information about where... Read More

What You Should Know About Credit Counseling

Credit counseling is a free service that many people with... Read More