Credit report disaster through mistaken identity

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Credit Report Disaster Through
Mistaken Identity
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I've got some very important info I want you to think
very seriously about. I'm sure by now you've heard of
Identity Theft,...heck you may have even been
affected by it. I know many of my friends have.
But how about what may potentially be even a
more dangerous threat......."Mistaken Identity".
That's right, "Mistaken Identity"! Throughout
my career in lending, the absolute biggest
problem that I've seen clients encounter when
applying for a loan, is someone else's
derogatory information showing up on their
credit report!

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 You would not believe the
nightmare I've seen clients go
through, when they realized
someone else's bad credit history
was showing up on their report,
causing them to be declined for the
loan the should have easily
qualified for. Little did they know
that every time someone on the
other side of town made a late
payment, or decided not to pay at
all, another black mark was being
added to their credit report! It will
apply to all the other slides.

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 Believe it or not, I've even seen
one specific case where "Mistaken
Credit Identity" forced someone
into bankruptcy! That's right, a
lady came to me wanting to apply
for a new home loan.
Unfortunately she had recently lost
her job, her bills were starting to
pile up, and her reserves were
running low. Luckily, or though she
thought, she had plenty of equity
in her home that she could access
through a home equity loan, to pad
her bank account and give her
plenty of breathing room until she
landed a new job.

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 To her shock and dismay, I pulled
her credit report and informed her
that she did not qualify for the
loan. She was in disbelief. "I've
never had a late payment in my
life"! she exclaimed. I told her her
credit score and began listing off
the multiple derogatory entries
that were listed. She couldn't
believe what she was hearing. How
could this happen?

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 It happened because she had a very
common last name, and also shared a
very similar first name to another
individual who lived not far from her,
and even had a very similar social
security number. Unfortunately my
potential client had not applied for a
new loan of any kind for several years
and had no idea that these errors had
been piling up. As a matter of fact, the
errors were so severe that despite
literally months of working with her
to get the errors corrected, we
couldn't wash them away in time. Her
financial situation had spiraled out of
control and she was ultimately forced
into bankruptcy.

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 And......it all could have been avoided if she had
only known the situation existed in time. I
cannot stress enough the importance of having
your credit checked at a minimum, every six
months to check it for errors.
Don't let something like this happen to you! I
can very easily be avoided if you take the proper
steps.
It is now reported the over 80% of all credit
reports have errors, and if you have a common
last name, or have Jr. or III, etc., at the end of
your name, chances are closer to100%!
Don't wait until it's too late, take action now and
give your credit a "check up"!
 By: Don Bethune

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