Inaccuracies are not uncommon when it comes to your credit report. That is why it is very advisable to keep checking your report in order to make sure that everything listed is accurate. You have the right to manage your credit and according to the Fair Credit Reporting Act if there is an error it is their responsibility to initiate an investigation from your creditors. Inaccurate information can be very harmful to your credit score which makes this harmful for you to buy things at a reasonable rate of interest. You should watch out for some of the following inaccurate information that can appear on your report.

• One problem that commonly happens is when someone else has a name similar to yours or their social security number is similar some of their credit information might end up in your file. This would be very apparent if they happen to have gone bankruptcy or are being sued by one of their debtors. It may not be so apparent if they only have slow pay. The credit bureau can determine who the information belongs to by comparing the correct social security numbers, full legal name and date of birth of both parties.

• You find that you are being listed for late pays but feel this is inaccurate you should again make a complaint because the credit may be late in posting payments or making the proper notations on your account in an accurate time frame does not mean you should be penalized for late payment. You can prove that you made your payment in a timely manner by showing a copy of your cancelled check or a receipt that is correctly dated. You should always make sure that your debtor puts the date on the receipt that you make the payment.

• One problem faced by some consumers is that a debtor may post a negative report on your account on a debt that is longer than seven years old. You should make sure that the information is up-to-date and not from an old debt.

• You should be very cautious about receiving information on accounts that you did not open, this is a sign of credit fraud. Watch out for those who steal your name and social security they are identity thieves and expert at ripping off people. Close any account immediately that you know you did not open or if it is an account that you opened but charges are being made without your knowledge and consent. After you have contacted the creditor to let them know that you did not open the account make sure that you contact all three credit bureaus and have a fraud alert put on your report. This will help you to stop any activation of pre-approved credit offers and creditors will know to call you first for approval. Then you should contact the police and make a report this is vital as some creditors will not take you seriously until they see a copy of the police report.

Credit disputes are not always necessary but it is best to be on your toes and protect your good name than to let it go and find that you are not able to buy anything of major importance because someone else has made charges without your consent or knowledge.