The following are among the types of inaccuracies that appear in credit files and the reports derived from
- • Inclusion of accounts or records in a credit file that do not belong to the
consumer, commonly called a mixed file: Credit reports can contain trade lines or
public records about a consumer other than the one who is the subject of the credit
• Omission of accounts or records belonging to the consumer: A credit account or
public record that belongs to the consumer’s file can be erroneously placed in another
consumer’s file, leading to a mixed file, as described above.58 Alternatively, credit bureau
matching algorithms or gaps in data can lead to a consumer trade line being kept separate
from the rest of the consumer’s file.
• Trade line or record inaccurately represents information pertaining to the
consumer’s account with the creditor: A credit file can inaccurately depict the terms
and status of a valid account such as inaccurately depicting the date an account was
closed, the credit limit for the account, or whether a trade line is delinquent. Similarly, a
collection item on the report may inaccurately reflect the payment status of the debt or
the amount of money owed.
It is worth noting that in some cases consumers are mistaken about the presence of
inaccuracies in their account. For example, a consumer may believe he or she paid a bill
when it was not paid. A consumer may believe that paying an item in collection removes
the collection history from one’s credit report, which it does not. A consumer may
believe he or she paid an account on time, when under the terms of the account, it was
late. Or a consumer may simply not recognize a trade line even though it is legitimate.
CONSUMER FINANCIAL PROTECTION BUREAU, DECEMBER 2012
http://files.consumerfinance.gov/f/2012 ... -paper.pdf
Article by: Chris Green