Credit Report Disaster Through Mistaken Identity

2018-09-26 - 19:18 | News | Tags: |

I have some very important information that I want you to think very seriously. I’m sure by now you’ve heard of identity theft,hell you may even have been affected. I know many of my friends have. But what about what may potentially be even more dangerous threat. Shimmie horn has many thoughts on the issue.

Mistaken Identity.” That’s right, “Mistaken Identity”! Throughout my career in lending, the absolute biggest problem I have seen customers encounter when applying for a loan, is another negative information to appear on your credit report! You would not believe the nightmare I’ve seen clients go through when they realized someone else’s bad credit was appearing in his report, to be rejected by the loan should have qualified easily. Little did they know that every time someone on the other side of town made a late payment or decided not to pay anything at all, are being added to your credit report. Believe it or not, I have seen a specific case “credit Mistaken Identity” forced someone into bankruptcy! So, a lady came to me wanting to apply for a new home loan. Unfortunately, he had recently lost their jobs and their accounts are beginning to accumulate, and its reserves were being depleted. Fortunately, or you thought you had a lot of equity in your home that could be accessed through a home equity loan, to swell your bank account and give you plenty of room to breathe, until he got a new job.

To his surprise and dismay, I pulled your credit report and informed him that do not qualify for the loan. She was in disbelief. “I never had a late payment of my life!” “He cried. I told him his credit score and begin listing off the multiple derogatory entries listed. She could not believe what I was hearing. How could this happen? It happened because I had a fairly common surname, and also shared a very similar name to another individual who lived not far from it, and even had a very similar social security. Unfortunately, my potential client had not requested a new loan of any kind for several years and had no idea that these errors are accumulated. As a matter of fact, the errors were so serious that, literally, despite months of working with her to get the bugs fixed, we could not wash away in time. His financial situation had sprial out of control and was finally forced to declare bankruptcy. … … And everything could have been avoided if he had known of the situation at the time. I can not emphasize enough the importance of verified credit card at least every six months to check for errors. Do not let something happen to you! I can easily be avoided by taking appropriate action. It has been reported over 80% of all credit reports have mistakes, and if you have a common surname, or have a son or III, etc, at the end of his name, chances are closer to 100%! Do not wait until it’s too late, take action now and give your credit card to “review”!