College Students: Beware of Some Usual Mistakes in Credit Reports

Kimberly Watson, Editor in Chief
May 25, 2012 /

There are some everyday Credit Card mistakes students should be aware of, and how they may be rectified! In many instances, they revolve around basic clerical errors such as the wrong address, social security number and although they may be considered minor problems, they could create difficulties for you in the future.

The “Card Act” has created more obstacles for persons under the age of 18 years to obtain a credit card. However, there are many college students who possess one and are liable for the balance and its influence on their credit scores. If error is made in a research paper it can easily be amended; but a Credit Card mistake reflects on your credit history and could provoke consequences of a long term nature.

It is advisable to review credit card particulars at least every twelve months. For example; should an application for credit be completed, with any incorrect personal information, this could pass un-noticed and the seeds of future problems have been sown. There are a variety of Credit Card mistakes that could occur and a golden rule is to be fully aware of what is happening in the life of your credit facilities.

The same mistakes could happen in account information as with that of the personal aspect. Students should determine that their accounts are accurate in all respects, including the payment history, the type of account and credit limits. The balance that is shown on an account is frequently referred to in requests for future credit facilities.

It is crucial that when paying of judgments, or other agreed payment structures, that financial records are strictly maintained. This would bring attention to any situation related to a Credit Card mistake, such as; the payment was made on time, but recorded as being late. Reviewing your account details, will also bring awareness of “Red Flag” notices, which could be an indication of fraud being committed in respect of your account.

A Credit Card mistake on a student’s report could reduce their credit scores, irrespective whether it is a genuine mistake or fraud. Therefore, credit scores should be periodically reviewed with a no charge report from established sources, for example, Experian or Trans-Union.


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