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While laws do govern credit reporting, credit reports are governed by companies that pull together information
to sell for a profit.
Not all the information on a credit report is true.
If
it isn't true, you should be able to get it corrected but trying to do so can be frustrating.
Not
everything you owe is listed on a credit report.
Reporting is up to creditors. If you rely
on your credit report to figure out who you owe, you may miss some debts from creditors who don't report to that credit
bureau.
Not everything is accurate.
For instance, sometimes debts that you are not
legally obligated on show up on your credit report. This happens a lot for husbands and wives just because they are
married. It commonly happens if someone adds you as an authorized user on a card, even if you never asked to be
added.
When you read a credit report, you need to have a good idea of who you owe, what you borrowed and what
the balance should be.
You don't want the same debt reported several times as it is sold and flipped
from collector to debt buyer, and you don't want old debts that should come off your report "reaged" and
re-reported as they are sold to new companies.
Since you are the best person to know who you borrowed money
from, you should keep an eye on your credit reports to be sure what is reported is accurate.
Article: How Do I Read A Credit Report?
Article: Chapter 7 Bankruptcy, Your Credit Report and The Future
Article: Credit Report After Bankruptcy
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