Artificial Intelligence (Ai) is taking over many parts of our personal lives and many sectors in the business world, including the credit application process.
Your Credit Report Must Be 100% Accurate
If any of the three Major Credit Reporting Agencies (CRAs) do not correct or delete or verify any item(s) that you dispute on your credit report, then the particular CRA could be in violation of the Fair Credit Reporting Act (FCRA).
Each CRA has their own internal format for reporting and recording credit data, and this is OK.
All three of your credit reports should basically contain the same information.
Even though your Personal and Biographical Information is not a factor when determining your Credit Score, this vital information is still extremely important and must be 100% accurate.
You might be asking yourself, why is this so important if it does not affect your Credit Score?
REMEMBER: Your credit report is a Personal, Biographical, and Financial record, of YOU, and credit card companies, lenders, and employers use YOUR information that is recorded on your credit report to make decisions about you that could affect your future in a big way.
These crucial decisions have the potential to ‘positively’ or ‘negatively’ affect your personal life, your financial life, and quite possibly, your career.
Let’s say that you have a Credit Score of 800+ PLUS, and your current home address is incorrect on your credit report, and a credit card company happens to mail out a credit card offer to the ‘wrong address’ listed on your credit report, and all you have to do is ‘sign and return’ the enclosed confirmation letter to be approved for the credit card.
Well, since the credit card offer went to the ‘wrong address’, the person who actually lives there, which is not YOU, decides to commit fraud and signs the confirmation letter and sends the letter back to the credit card company.
In just a few short days, this person, who is not you, can now go on a shopping spree under your name with ‘YOUR’ credit card and cause major damage to your Credit Score and essentially make you a victim of identity theft.
Let’s say that your name is misspelled on your credit report, and your employer is considering you for a promotion and runs a background check on the ‘misspelled name’ on your credit report, and the background check returns a file of a person with a criminal record.
This could have been a career promotion that would have increased your salary by hundreds if not thousands of dollars, but because of the misspelled name on your credit report, your employer made a decision to remove your name from consideration.
Inaccurate information on your credit report can wreak unforeseen havoc on your life, and with Artificial Intelligence (Ai) taking over the credit application process, inaccurate information on your credit report could cause you to be denied a mortgage, denied a car loan, denied a security clearance for a potential new job.
YOU JUST NEVER KNOW.
For these reasons, and many others, it is extremely critical, that your credit report be 100% accurate, and if the Credit Reporting Agencies (CRAs) are refusing to correct, delete, or verify your disputed item(s), then it may be time for you to hire an FCRA attorney and sue them in court.
