Studies show at least 73% of credit reports have errors. Rarely, have you probably ever, reviewed a report with a client where you didn’t locate erroneous or false reporting accounts.
Once they are recognized, still many clients don’t know the huge score impact those small “mistakes” make to their credit scores. Dates-of-last activity and dates-of-default, drastically affect the credit scores, among many other “mistakes”.
Misreported balances on old collections, which are falsely high, or high-credit-limits which are reported lower than they should be, have a very adverse effect on consumer credit scores. And duplicate accounts reporting, means consumers can get the same debt counted against them twice.
It is essential that you sit with your clients and do an in-depth review of their credit, so they can see the errors that are there, and hear from you how severe the impact can be.
You will have clients who feel they made mistakes and deserve to pay the price of having the negative items on the report. But if they are to be judged by that information, it should be accurate, verifiable, and timely as required by law.
Remind your clients that they are the only ones in the credit system who benefit by their credit profile being good and accurate. Then help them review their reports, as they will most likely find many minor inaccuracies that have a significant negative effect on their credit scores.
P.S. DisputeSuite provides a variety of solutions for your credit repair business. From engaging custom websites, to dispute processing services, to a robust CRM with automations and portals, DisputeSuite is a One-Stop Shop to making your Credit Repair Business A Success!
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