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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
MORE RESOURCES:
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