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Four Common Mistakes Found on Your Credit Report

Credit ScoreLike it or not, your credit report contains vital information that can be the difference in whether you are able to buy a car, buy a home, or even land a job. Because this information is so important, it is an absolute must that you monitor your credit report on a regular basis. If you have suspect credit, you should monitor your report even more frequently. When you check your credit report, you may often run into items that mistakenly appear on it. Here are the four most common errors found on credit reports.

 

Look for Spelling Errors

 

It is more common than you think. Your credit report may have your name or address spelled wrong. Be sure to check that your social security number is correct, too. Because of these types of errors, your credit report may contain negative information that does not belong to you. Fixing these small errors could result in raising your credit score.

 

Items Listed More Than Once

 

You own one car and financed it with an auto loan. When you look at your credit report, the loan is listed twice. This may not seem like a big deal, but this inflates the amount of debt that you are holding and your debt-to-credit ratio. This does not reflect positively on your credit score. In attempting to borrow in the future, lenders will look at this information and may not realize that is it a double listing error. Removing these items will result in a more favorable credit rating.

 

Information That Should Not Be Listed

 

When you take out a car title loan at Embassy Loans to consolidate your debt, you pay off many of the accounts that are on your credit report. Paying those accounts off should result in the removal of them from your credit report. If those items still appear, it would be wise to contact the three main credit bureaus and provide the documentation that proves the accounts are paid in full.

 

Positive Information That Is Missing

 

If you have an open credit line and make payments on time, this is good for your credit history and score. When such items are not listed on your credit report, your credit score does not reap the benefits. Any positive information that is missing from your credit report needs to be reported to each credit bureau. Doing so can give your credit score a boost.

 

Be sure to review your credit report at least every six months. If you have a poor credit history and are trying to rebuild it, you may wish to check even more regularly. When you do find errors, take action quickly.



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

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Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.