Are you trying to finance the purchase of a new or used truck? If so, three disturbing errors on your credit report could be ruining you chances. Your credit report rules your life. If you have recently been turned down for finance on a truck, there is a possibility that errors on your credit file are to blame. Here are three disturbing errors you may have missed that could be preventing you from financing the purchase of your new or used truck. How many have you checked for?
Error #1.An Old Credit Card Is Listed At Your Previous Address
This is the most common error that could be worsening your credit score. A bank or financial institution may make this error. They keep a credit card ‘live’ on their system, even after you close your account. Surprisingly, this error is most likely to occur because your credit card account was due a refund. If you close an account before a refund goes through, the bank could keep the account live. If you see an old credit card on your credit file, you bank manager can assist you in tracing the card. It may turn out that the bank has written to you at your previous address to inform you of the card’s balance. When the mail was returned, your card’s file may be marked as such and kept open. This negatively affects your credit score. Visit your local bank branch to investigate.
Error #2.Your Address Is Presented Differently From Government Records
Your credit report can be lowered if you move three times in under two years. In the eyes of the credit agencies, this increases your assessed risk of non-repayment. This is unfair as there are legitimate reasons for your moves such as changing jobs. A common reason for having a lowered credit score is that your current addressis presented slightly differently from the government records. This mismatch may negatively affect your credit score. You should check for this error and challenge it by writing to the credit rating agencies.
Error #3.Banks Have Made Unnecessary Checks
If you look at a copy of your credit report, you will see a list of firms that have looked at your file in the ‘Search History’ section. Every time a bank checks your file, they will add a search mark. This can worsen your score. An unfair and unnecessary check would include stores that perform credit checks on customers who shop online even if they paid by debit card. If you have a search mark for a transaction that you did not complete, you could challenge this and have it removed by writing to the credit ratings agency.
So, there you go – three disturbing errors on your credit file that may be preventing you from financing a new or used truck in North Georgia or elsewhere.Credit agencies claim that errors are rare but it is always worth getting a copy of your file and checking yourself. Each of the nationwide credit reporting companies, Equifax, Experian, and TransUnion are legally obliged to give you a copy of your report once a year. Go to to get yours today.
What do you think of our list of errors? Which common credit report errors did we miss? Let us know in the comments section below!
Author Bio: Warren Brown is a freelance blogger and an ace creative write with many years of experience writing for top blogs. Warren has written on a myriad of topics and has written several posts for us.