Examine the Situation
Finding an account on your credit report that you do not recognize can be unnerving. It’s possible that someone has stolen your identity, but maybe the problem is less sinister than you think. Whatever the case credit repair offers a solution, but you must check your facts before deciding on a course of action.
Determine the Nature of the Problem
If you are a victim of identity theft, credit repair offers a way of removing the offending accounts from your credit report within a number of days. We will discuss this option in a moment, but before putting this most powerful tool to work you should determine if the problem stems from a more innocent event.
File Merger Errors
Many cases of unidentified accounts are the product of what is termed a file merger error. A file merger error occurs when another person has enough similar identifying characteristics for their accounts to be mixed with yours. They do not need to have the same name as you. The similarities can be less obvious; the matching algorithm used by the credit bureaus for sorting credit data allows for a certain number of inconsistencies. This policy accommodates human error on the part of data entry operators and insures that credit reports are still available when a typo occurs.
Identifying File Merger Errors
Making the determination that an account is the result of a file merger error is easy. And the
credit repair cure is quick. You will find creditor contact information on the bottom of your credit report. Just pick up the phone and call the creditor that is reporting the subject account. Ask them if they actually have an account in your name. They will ask you for your information and query their data base. If the account is the result of a file merger error they will have no record of the account in your name. It’s that simple.
Resolving File Merger Errors
The credit repair solution is as easy as writing to the credit bureaus and telling them you are a victim of a file merger error. You will need to identify the account and provide them with your identification. You should also request that the other person’s accounts henceforth be blocked from mixing with your credit. Before long your credit repair effort will have do the job and your credit report will be back to normal.
On the other hand, if you call the creditor and discover that they have a record of the account in your name you are a victim of identity theft. Assuming that you are fully aware that the account has nothing to do with you it’s time to employ a more powerful credit repair solution. The Fair Credit Reporting Act allows consumers to quickly block the reporting of fraudulent information and initiate an investigation of the matter.
The Identity Theft Cure