Prepare for a Recession by Removing Credit Report Errors

December 8, 2022
3 mins

With a potential recession looming, it is important to protect your finances in any way you can. 

A healthy credit score can help you navigate tough economic conditions by increasing your chances of being approved for a loan or mortgage, saving you money on interest charges and deposits, and even helping you land a higher-paying job.

While there are many factors that go into a credit report, millions of consumers are affected by one serious issue that can severely impact anyone’s credit score: credit report errors.

What are credit report errors?

A recent investigation by Consumer Reports revealed that over 30 percent of consumers found at least one error on their credit report.

The most common errors on credit reports include: 

  • Inaccurate personal info: wrong address, wrong/misspelled name, or wrong social security number
  • Incorrect account info: account says open but is actually closed, the credit limit is wrong, late payments are showing incorrectly, or balances are not accurate
  • Fraudulent accounts: accounts that do not belong to you or someone improperly using your personal information to apply for credit

Are credit report errors serious?

Errors and inaccurate information on your credit report are often serious enough to cause a denial of credit, high interest rates, and other detrimental consequences.

Even a single false report of a late payment can drop your score significantly. Whether you’re trying to buy a house, open a credit card, rent an apartment, or just ride out an incoming recession, a seemingly minor credit error can derail your plans.

Is there an easy way to remove credit report errors?

Credit errors are removed by disputing them. Without the right tools, this is a lengthy and cumbersome process. 

Traditionally it involves sending letters in the mail to the credit bureaus or painstakingly keying in data and uploading files to their websites. 

Fortunately, identifying and disputing credit errors is simple now, with Dovly.

Disputing credit errors with Dovly

With just a few taps on the Dovly app, you can identify and dispute every potential error. Their smart credit engine takes care of the rest, creating a personalized improvement plan and automatically communicating with the credit bureaus to resolve issues as quickly as possible. 

Over 90% of Dovly members improve their scores by double digits in the first six months. 

Use StellarFi and Dovly to improve your credit score

While Dovly surfaces and resolves errors to improve your score, StellarFi reports bill payments to build positive account history. The two platforms work hand-in-hand to help you get ahead and keep your credit secure.

Getting started with Dovly

Ready to take control of your credit? It’s easy, and you can get started for free. Here’s how:

1. Visit Dovly

2. Select the plan that’s right for you:

  • Dovly’s free plan: we’ll monitor your credit report and score and initiate one dispute per month with TransUnion - $0
  • Dovly’s Credit Maximizer plan: leverage unlimited disputes and correct errors with all three credit bureaus - $39.99/month or $99.99/year

3. Create your account

4. Point-and-click to identify and dispute errors

5. Sit back and relax!

With a 91% success rate, Dovly has what it takes to make your credit right. Sign up to get started today!

The StellarFi blog is intended to serve as an informational resource. While StellarFi can help you build your credit, we do not provide financial, legal, or accounting advice. Please consult a trusted advisor for financial, legal, or accounting guidance as needed.

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On-time payment history can have a positive impact on your credit score. Nonpayment may negatively impact your credit score. StellarFinance, Inc. will report your on-time payments to Experian®, Equifax® and TransUnion®. Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.