Does Incorrect Information on My Credit Report Lower My Credit Score?

Unfortunately the credit bureaus do not tell anyone the exact formula they use to calculate your credit score because people will take advantage of this system. For this reason, it is a good idea to have any incorrect information on your credit report corrected as soon as possible.

I doubt information such as incorrect address, date of birth and place of employment are factors that affect your score, at first thought it does not make any sense why this should affect your credit score but because no one can tell you for sure, it's a good idea to have this information as accurate as possible.

When it comes to other information such as credit accounts, you definitely want to make sure you have this type of incorrect information corrected. A good example would be an old collection account, this type of account could be lowering your credit score and you want to contact the bureaus immediately to have this updated. If the account is older than 7 years old you want to dispute the account and possibly have it deleted from your report.

The case is the same with accounts that are not yours and may be a case of mistaken identity. It is believed that roughly 70% of credit reports have errors so it is also a good idea to check yours frequently to make sure this is not the case with yours and have any errors corrected ASAP.

A simple letter to the three main bureaus should help you correct any errors.

Source by Tony Banks

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