Your credit score and your credit report can have a significant impact on your life. While they can certainly restrict your access to much needed credit and dictate the interest rates that you’ll see when you do borrow, which can cost you thousands upon thousands of dollars, they may also leave you susceptible to creditor harassment.

You deserve better. That’s why you should be diligent about checking your credit report and correcting any errors that you come across. As you’re analyzing your credit report, you should keep your eyes open for some of these common mistakes that can have a tremendous impact on you and your family:

• Errors in identity: It might seem unbelievable, but mistakes in identification are made all the time on credit reports. Your credit report might have the wrong name associated with a particular account, and other personal information like your address and phone number might be incorrect. You may even see accounts from someone else on your report or accounts that were fraudulently opened in your name. These errors can severely damage your credit and as such require immediate attention.
• Incorrect reporting on accounts: Your credit report might also have mistakes pertaining to specific accounts. For example, accounts that have been closed may still be showing as open and having an active balance. Or you might see that some accounts are erroneously marked as being delinquent or otherwise past due. Your payment history may even have the wrong dates of when you made payments. All of this can cause you significant financial harm, which is why you need to take immediate action if you see any of these errors.
• Duplication: You may even find on your credit report that certain accounts are listed multiple times, which can be especially problematic if those accounts are identified as being past due or in delinquent status. You should work to ensure that the reporting of these accounts is accurate.
• Errors pertaining to balances: You’ll also want to pay attention to the balances that are identified in your credit report. Sometimes these balances are incorrect, which may therefore reflect an erroneously large balance. Your credit report might also inaccurately reflect credit limits on certain accounts, which can then give the perception that you’re maxing yourself out when that isn’t the case.

Why does it matter?

An erroneous credit report can have a ripple effect on your life. In fact, it can lead to any of the following:

• An inability to obtain credit at a fair price
• Being passed over for a job or a promotion
• Difficulty securing desired or even appropriate housing
• Increased insurance premiums
• Negative implications for security clearances if you work for the military

In other words, an erroneous credit report can derail many aspects of your life. That’s why you should regularly check your credit report and consider reaching out for help when you identify errors.

An attorney ay be able to help you clear up discrepancies

When you choose to seek out support in addressing your credit report issues, you may want to consider reaching out to an attorney for help. One of these legal professionals can work with credit reporting agencies and other relevant parties to obtain accurate reporting so that your interests are protected. It can be a nuanced process, too, which is why you probably want to avoid other credit repair options.