The accuracy of our recommendations are based on several factors. The information on a credit report has to be current, complete and correct. A credit report is a snapshot in time of a person's credit history. If too much time elapses between the date of credit report and ScoreNavigator's analysis, then the report no longer gives a current picture of the credit situation and our analysis can be less accurate.
If the data on the credit report is missing information or contains errors, this too will affect our ability to make accurate recommendations. In this instance, ScoreNavigator uses the most probable default for missing or inaccurate data. In this situation, we will still generate recommended action steps although those may be less accurate than ones with complete and correct data.
The data on a credit report comes from companies with whom a borrower has established credit. These include mortgage companies, credit cards, retail stores and others. They are supposed to report their borrower's credit activity monthly to one or more credit repositories. Unfortunately, they do not always do so.
The information reported may be inaccurate. For example, a balance being shown on an account, even after it is paid off - or the credit limit can be too low or show accounts being paid late when they are not. Derogatory accounts that have been closed or written off may also remain on a credit report beyond the legal period of time, normally seven years.
The data on a credit report may also contain information about accounts that do not belong to you. It may contain information about others who have a similar name or you may unknowingly be a victim of identity theft.
The credit repositories also make mistakes that contribute to these problems. The same account information may be posted twice as separate accounts, or in some cases, may be missing certain accounts that should be present.They may: