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How To Update Employment On Credit Report

How Did The Wrong Employer Information Appear On Your Credit Report

DON’T FORGET TO UPDATE ADDRESS AND NAMES FOR CREDIT BUREAUS

Your credit report contains information that was furnished by you to your bank, card issuer or auto finance companies. For example, when you go to a dealership to finance a vehicle, the information you fill out in a car loan application is sent to the credit reporting bureaus.

The credit bureaus keep this information and display some of the relevant information on your credit report. So, if the employee at the car dealership were to make a mistake while entering the information onto the application, the wrong employer information may make its way onto your credit report.

Additionally, whenever you provide your employer information, address, name, and social security number to financial institutions such as banks and auto loan lenders, they may furnish this information to the credit bureaus, causing it to appear on your credit report.

Financial Information In Your Credit Report

Your credit report may contain:

  • non-sufficient funds payments, or bad cheques
  • chequing and savings accounts closed for cause due to money owing or fraud committed
  • bankruptcy or a court decision against you that relates to credit
  • debts sent to collection agencies
  • inquiries from lenders and others who have requested your credit report in the past three years
  • registered items, such as a car lien, that allows the lender to seize it if you dont pay
  • remarks including consumer statements, fraud alerts and identity verification alerts

Your credit report contains factual information about your credit cards and loans, such as:

  • when you opened your account
  • how much you owe
  • if your debt has been transferred to a collection agency
  • if you go over your credit limit
  • personal information that is available in public records, such as a bankruptcy

Your credit report can also include chequing and savings accounts that are closed for cause. These include accounts closed due to money owing or fraud committed by the account holder.

How To Change A Name On A Credit Card

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Changing your legal name can be a complicated process, especially when it comes to updating all of your financial accounts. If you want to update your credit card accounts, you may find the process is not uniform.

Each financial institution and credit card company has its own process for approving name changes, so you should start by reaching out to your issuer or examining their website to find out their policy, then gathering and submitting the required documentation. Read on to learn more.

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How Can You Prepare For A Credit Check By A Potential Employer

Since employers are mainly checking to see any patterns or habits of mismanaging money when they conduct a credit check, the best way to prepare is to know what your credit report says before applying to any job .

“You certainly don’t want to be surprised when you go apply for a job to learn something negative is on your credit reports,” Ulzheimer says. “I always advise people who are job hunting to get a good idea of what your credit reports looks like well in advance. And, be able to explain any negative entries.”

Every year, you’re entitled to one free credit report from each of the main credit bureaus Experian, Equifax and TransUnion. You can access these reports for free at annualcreditreport.com, which is authorized by federal law. We recommend you don’t access all three reports at the same time, but instead space one report out every four months.

If you have a Capital One credit card, such as the Capital One Venture Rewards Credit Card or Capital One Savor Cash Rewards Credit Card, you may have come across CreditWise . provides access to your free TransUnion credit report.

Keep in mind that while employers can legally pull your credit report, it’s one of many factors that go into getting hired for a new job. But there is a simple way to appear just as good on your credit report as you do in your job interview: Make sure you always pay your bills on time.

Editorial Note:

What Are Your Legal Rights

Update Employment Information On Credit Report

Notification and permission: An employer must notify you if it intends to check your credit and must get your written permission. The Fair Credit Reporting Act requires the notice to be clear and conspicuous and not mixed in with other language.

Several states and cities have laws prohibiting employer credit checks or restricting how the information from reports can be used. Check with your states labor department or your city government to find out if you are covered by the laws.

Warning before rejection: If an employer might reject you based somewhat or totally on your credit report, it must tell you before the decision is made. It has to send you a pre-adverse action notice, including a copy of the report used and a summary of your rights.

Time to respond: The employer must wait a reasonable period usually three to five business days before it proceeds. The goal is to let you explain the red flags on the report, or, if the negative information is incorrect, let you fix the mistakes with the reporting company.

Final notice, right to free copy: After it acts, the employer must follow up with a post-adverse action notice, giving the name of the credit report agency, its contact information and explaining your right to get a free copy of the report within 60 days.

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Common Reasons For Incorrect Personal Information On Your Credit Report

So now you know whats likely to be incorrect, lets get into why that information is more likely to be wrong. Like many things in life, theres not just one reason, but a multitude of reasons why your personal information on your credit report might be incorrect.

The personal information on your credit report is collected by the credit bureaus in Australia from credit providers such as banks. Each time you apply for credit, take on credit, and more, that information is stored and reported to the credit bureaus. This information then appears on your credit report.

As highlighted by Wardle, there are two main reasons why personal information on credit reports can be incorrect consumer error, or creditor error. Lets break these two down.

1. Consumer error

When you apply for credit, you will need to fill out your personal details on the application. Sometimes, people make mistakes on the application they might spell their name wrong, or submit incorrect licence details, for example.

Regardless of whether the application is approved or rejected, the credit enquiry is sent to the credit bureaus with the incorrect information, which can then end up on your credit report.

Furthermore, if you move address, and you dont update your drivers licence or inform your credit providers, then your outdated address will remain on your credit report. Thats why its important to ensure you update your address across all channels when you move house.

2. Creditor error

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Fixing Errors In A Credit Report

Anyone who denies you credit, housing, insurance, or a job because of a credit report must give you the name, address, and telephone number of the credit reporting agency that provided the report. Under the Fair Credit Reporting Act , you have the right to request a free report within 60 days if a company denies you credit based on the report.

You can get your credit report fixed if it contains inaccurate or incomplete information:

  • Contact both the credit reporting agency and the company that provided the information to the CRA.
  • Tell the CRA, in writing, what information you believe is inaccurate. Keep a copy of all correspondence.

Some companies may promise to repair or fix your credit for an upfront fee–but there is no way to remove negative information in your credit report if it is accurate.

What Is A Credit Check

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A credit check for employment is sometimes part of a job screening and involves an employer checking a condensed version of your credit history to see how you’ve dealt with debt. It includes your payment records, how much money you owe , and your available credit. It doesn’t include your credit score.

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Reasons You May Not Have A Medical History Report

Not everyone has a medical history report. Even if you currently have an insurance plan, you won’t have a report if:

  • You haven’t applied for insurance within the last seven years
  • Your insurance policy is through a group or employer policy
  • The insurance company isnt a member of MIB
  • You didnt give an insurer permission to submit your medical reports to MIB

Consumer Credit Profile Summary

This area of the applicants credit report is important because it provides an overall summary of the activity on file. It delivers pertinent information relating to your applicants consumer credit profile. Its broken into digestible parts to appraise overall financial health and evaluate factors such as: payment history, debt-level and monthly financial obligations.

In top section, you get a snapshot of:

  • Total number of tradelines, which is the sum of revolving, installment, mortgage and open accounts
  • Total number of public records
  • Total number of accounts sent to collections
  • Total number of inquiries

In the section below, you get a snapshot of delinquency:

  • Total number of derogatory credit accounts
  • Total number credit accounts that have historical derogatory information
  • Total number of derogatory occurrences

In the chart, youll get more detailed credit history information broken out by account type:

  • Total number of accounts
  • Highest amount owed on the account
  • Maximum amount of credit approved by the lender
  • Amount owed as of the date of the credit report
  • Amount past due as of the date of the credit report
  • Amount due monthly based on payment terms
  • How much credit is available for revolving accounts

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How To Review Your Credit Reports

To check your reports for errors or possible signs of identity theft, look especially at three areas.

  • Look in the Personal Information or Personal Data section. Look for addresses where you’ve never lived. Make sure your name and any variations of it, your Social Security number, and your employers are correct
  • Look in the Accounts sections. Look for any accounts you didn’t open. Look for balances on your legitimate accounts that are higher than you expect.
  • Look for Inquiries or Requests for Your Credit History that you didn’t make. There are two types of inquiries. “Regular” or “hard” inquiries are the ones that result when you apply for credit or when an account is transferred to a collection agency. This is the kind of inquiry you should check as possible identity theft or error. The other type, “promotional” or “soft” inquiries, would not be an indication of problems. This type includes pre-approved credit offers, checks for employment purposes, account monitoring by your existing creditors, and your own requests for your report.
  • You can view sample credit reports, with the different sections explained, on the Web sites of the three credit bureaus: experian.com, transunion.com, equifax.com/home/en_us.

    Why Did My Credit Drop 50

    Employment Update Or Inquiry On Credit Report

    A 50 point jump in your score is likely due to errors on your credit being successfully disputed and removed. While you can dispute mistakes yourself, it can be difficult and time-consuming. The fastest way to do it is with help from a credit professional like Credit Glory.

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    Social Security Number Change

    It is difficult and unusual to change a Social Security number, but it is sometimes necessary. For example, someone facing continuing damage due to fraud perpetrated using their stolen Social Security number may be able to obtain a new one. As with other identifying information, new numbers should be provided to creditors, who will pass that information along to credit agencies.

    The credit agencies have differing policies about Social Security number changes:

    • Experian: Update your number with your creditors. It is not necessary to change it directly with Experian.
    • Equifax: If you would like to change your number directly with the agency, submit a request to update it with Equifax at the address on your credit report. One of the following types of documentation is required:
    • Copy of the new Social Security card
    • Pay stub with the number
    • W-2 form or 1099 form
    • Medicaid or Medicare documentation
  • TransUnion: If you would like to change your number directly with the agency, submit legal proof of the change to TransUnion at P.O. Box 2000, Chester, PA 19016.
  • What Are Your Legal Rights As A Job Applicant

    Thanks to the Fair Credit Reporting Act , employers can’t go checking your credit history behind your back. They must have written consent before pulling an applicant’s credit history.

    “Unlike every other credit reporting scenario, you must be given a separate notice indicating the employer is going to pull your credit reports,” Ulzheimer says. “And you have to give overt written permission.”

    In some states, there are specific restrictions when it comes to employers using credit information for employment decisions.

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    Your Credit Report Vs Your Credit Score

    First, let’s break down the difference between your and your credit score.

    Your credit report details your credit history, including any credit card account information, your balances, your available credit and your payment history. Your credit score is a 3-digit number that basically sums up that information into a rating. A good credit score means you’re a good credit risk , whereas a low credit score means you’re a poor credit risk.

    What Should I Do If My Employers Information Is Outdated On My Credit Report

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    The employment records on your credit report are not meant to display your most currently employment information. Instead, the section serves as a record of current or previous employers. So, even if the information is outdated, there is nothing wrong with that so long as the employer listed was one of your employers in the past. If your employment information is inaccurate, you can file a dispute with the credit bureaus to have that information removed from your credit report.

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    Check Your Credit Report Regularly

    Before you update your credit report with new information, you’ll want to review a recent copy of your report. You can get a free copy of your Experian credit report online, and you’ll get alerts if there are any suspicious changes in your report that could be a sign of fraud. Keep in mind, if you recently updated your personal information with a creditor, it may take a few weeks for the update to be reported and appear on your credit report.

    How To Correct Errors In Your Credit Report

    If you see anything you believe is incorrect, contact the credit bureau immediately. You can call the telephone number on the report to speak with someone at the credit bureau. If you find evidence of identity theft, the next steps to take include contacting any creditors involved to close fraudulent accounts and filing a police report. See Identity Theft Victim Checklist, on our web page for more information on what to do.

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    Does Filing A Dispute To Have Incorrect Employment Information Removed Cost Money

    No, filing a dispute to have inaccurate employer information removed from your credit report does not cost anything. In fact, federal law mandates that you be allowed to dispute inaccurate information on your credit report without paying a fee to do so.

    So, you might be wondering, how does the dispute process work?

    After you file a dispute to have wrong information removed from your credit report, the credit bureau has 30 days to conduct an investigation to verify the accuracy of the information youre disputing.

    If the investigation reveals that the information is indeed incorrect, the information will be removed from your credit report.

    However, if the investigation reveals that the information is accurate, the information will not be removed from your credit report.

    Once the investigation is complete, you will be informed as to the results of the investigation.

    Why An Old Address Could Show Up On Your Credit Report

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    Your credit report typically includes any address where you’ve ever received a bill, especially credit card and loan statements. When your creditors update your information with the credit bureaus, they also update your address information. For example, if you change your mailing address with your credit card issuer, who then reports it to the credit bureaus, the new address will then appear on your credit report.

    The credit bureaus keep track of your current and your previous addresses, so even when you relocate, the old addresses don’t go away. Your credit report is simply updated to show which address they believe is your current residence, based on what your creditors are reporting. Luckily, your address isn’t a factor in your credit score and isn’t a factor in whether your applications are approved. Old addresses won’t hurt your credit score.

    Unlike other types of outdated information, addresses don’t fall off your credit report after a certain amount of time. So it’s possible for every address where you’ve ever lived, or at least where you’ve paid bills, to show up on your credit report.

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