Are credit report inaccuracies something to worry about? The statistics say yes. 79% have errors but only 25% have score impacting errors according to Public Interest Research Group [PIRG]. Here’s the thing. It’s quicker to have errors removed because credit bureaus have 30 days to respond to disputes [actually, with back and forth it can take 60 days]. In contrast, it can take a long time to get a bad behavioral mark removed — it will stay on your credit report for 7 years and bankruptcies last for 10 years.

I’ve come across stories of people who have increased their scores by huge numbers in a short amount of time, not through tricks but through the removal of inaccuracies.

• One story had a person increase his FICO credit score by 183 points in one update on Score Watch. All through removing an inaccuracy.
• Another had someone who increased his FICO credit score by 111 points in 45 days.

You won’t see this kind of dramatic score change through behavioral change.  This is why you want to get your credit report and if needed, start the credit report dispute process.  Our sample credit dispute letter can be found in our resources section.

Post from: Video Credit Score

Do Inaccuracies Impact Your Credit Score? – Episode #53