Technical data is often a cause of severe credit issues and complications. Technical data errors such as name, address, SSN, can easily cause multiple individuals files to be improperly merged.
The merging of file data in most cases will impede a consumers’ ability to obtain the highest credit rating. The most common files to see improper data merged is inter-family.
Creditors do not always need complete information to pull a credit report, if they have enough of the information correct the credit report providers will allow a credit pull. Once the credit pull is complete the data as entered for the pull (Correct or Not) will now be associated with that consumers file ongoing.
For example: A consumer named John Jacob Scott applied for a credit account with sears, upon entry of the application- the representative from sears entered his name as Jacob John Scott several things could happen. If there is a relative at the same address with a similar name and social security number, the records can easily be improperly merged.
Additionally on all future reports it is likely that the name Jacob John Scott will appear as an A.K.A- if there is no negative data, this error will not affect the client, but the risk is too great not to simply work on correcting this.
Other problems are commonly found with Jr., Sr. and closely named household members- this is a common issue and can typically be quickly remedied. A simple dispute letter requesting a full investigation of the items in question will typically solve the improper account reporting and eliminate the additional names as they appear.
Occasionally a credit reporting agency will insist on leaving some of the incorrect technical data in place because they have reports of it from several furnishers. If this happens, you must request a detailed itemization of what credit furnishers are reporting that information.
Once that is provided, disputing directly with the data furnisher will expedite the removal of the incorrect data. If the incorrect data is still not removed use one of an escalated technical data letter (these are available also to you in your Dispute Suite letter library that you can access as a client).
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!
FREE WEEKLY WEBINARS! Register here to join us weekly to hear industry updates, expert speakers and business tips & tricks!