How To Remove Old Addresses From Credit Reports
You may be shocked to discover past residences on your credit history, even ones where you lived for a very short amount of time. So how do credit bureaus obtain these previous addresses?
More than just credit-related and loan-related information can be found in your credit report. It also contains private data needed to confirm your identity. Your name, date of birth, current and previous addresses, employment, and employers are all examples of personal information found on credit reports.
If you want to remove old addresses from your credit report, please see below.
Old Addresses In Credit Report
Your creditors often report your addresses and various other credit information to credit agencies who update your credit report. This implies that even if you no longer live at an address shown on an entity in your name, it may still appear on the credit report. Additionally, the new address you provided to the credit card company once you moved may appear in your report.
A new or old address in your credit report that you’re NOT familiar with is a cause for concern, though, as it could be a sign of fraud. In that scenario, you must file a dispute right away to denounce the false information. Here is all the data you require for updating and eliminating outdated addresses from credit reports.
How To Remove Incorrect Or Old Addresses?
Contact the credit monitoring company that is managing your data to find out which company submitted the old addresses if you want them removed from your credit report. Send the creditor a note via mail or email once you’ve located them. Verify receipt of the communication by following up.
Next, provide evidence that you are no longer connected to the previous address. In this manner, when the creditor updates your account, they can also change your address with the reporting agencies. You can demonstrate where you now live in a number of ways. Which approach does the creditor prefer?
You can also submit a disagreement form to the credit agency as an alternative. Then, go to the official website of the credit bureau and complete the form, and follow it up as instructed.
Does Changing Old Addresses in Your Credit Report Affect Credit?
Credit reports provide more than just details about loans and credit. Personal identifying information (PII) from your credit report, including your name, aliases, birthday, former jobs, and current address, is used by credit bureaus to confirm your identity and link you to your credit record. In addition, credit reporting organizations can distinguish your credit record from those of other clients who might go by your name, thanks to the same data.
Experian®, TransUnion®, and Equifax®, the three major credit bureaus, don’t use PII-like outdated addresses to determine your credit score. Instead, most scoring algorithms take into account debt-related information such as account types, recent credit requests, payment information, and credit history when calculating your score. So you’re set to go as far as the PII you’ve provided is accurate and current.
The addresses that are mentioned on your credit report are often those that your past and present creditors have provided. There’s always chance that addresses you’ve previously used will show up in your credit history. Because they are outdated, you don’t always need to remove or contest them. But as we said before, if you see an address you’re not familiar with, you should be cautious as it could be a sign of fraud or potential identity theft.
When Can False Information Indicate Identity Theft?
Finding material on your credit history that you think is false is not absolute proof of identity theft. However, unusual details on your credit record may occasionally be a symptom of fraud.
If a strange address appears on your credit record, spend some time reading the whole report to look for any other red flags. Keep an eye out for unusual facts in particular:
● Accounts that you didn’t create
● Balances that exceed expectations
● Unpaid invoices
● Late payments that you were not informed about
There are several types of identity theft. Act right away if you believe you’ve been an identity theft victim. Promptness is critical to limit further damage. Check your financial information for unlawful transactions, then notify your creditors of any such activity. Additionally, you can report something to your neighborhood police and the FTC.
A fraud warning that requests potential creditors to confirm your identity before opening new accounts under your name may also be useful. If one of the three credit reporting companies receives a fraud alert, the other two will follow suit. For further details and suggested actions, see the IdentityTheft.gov website of the FTC and the Experian Fraud Center.
Is It Important To Remove Old Addresses From Credit Reports?
We advise eliminating all past and out-of-date residences, names, and dates of birth that don’t match your credit file for a number of reasons. We’ve listed some of the benefits of doing this below.
Complex Loan Application
Lenders will thoroughly consider every individual piece of data they have access to when they submit a mortgage application. To ensure that you are eligible in terms of your income, debt levels, and creditworthiness, they will carefully check your tax records, financial records, credit reports, and bills.
The record of your prior addresses is one element of data that lenders will see. Therefore, you will be required to give explanations for why each residence shows on your credit file (i.e., that you lived there) and the dates that you did so. This might prove to be a challenging job if you are a first-time house buyer, young, and have relocated around quite a bit.
Your mortgage application procedure will be made easier by deleting outdated addresses from the credit report. Not only do mortgages require older addresses to be disclosed, but auto loans, unsecured loans, and other forms of credit may also be subject to this rule.
Mixed identity refers to a situation in which your identity and, consequently, your credit information are mistaken for those of another person. It is one of the most common sources of inaccuracies on credit reports. A “mixed file” is what this is called. For example, perhaps people confuse your name with someone else since you have a well-known name. Perhaps that other individual is even related; it’s not uncommon for credit reports for siblings or parents and children, especially those who have the same or a similar name, to be mismatched.
Other times, if you and another individual shared an address, credit information that belonged to them can appear on your report in the other direction. As a result, even though credit reporting information is often intended to match an identification number, errors can occur.
Unfortunately, such mistakes can have serious repercussions. Your credit score may drop sharply if it is combined with someone else’s file, which has a collection, missed payments, or other adverse credit issues. While getting rid of outdated addresses or names does not ensure that you won’t have a jumbled file, it does increase the likelihood.
Credit Disputes And Debt Violations
You should challenge inaccuracies on credit files by letter rather than online, as we’ve previously stated. Unfortunately, people who have requested confirmation of a debt or contested credit report mistakes by mail occasionally discover that the answers to their requests were delivered to their previous address rather than their current address. Being unaware of how your credit file complaints have been handled thus far, this can interfere with your efforts to correct problems on credit reports.
Identity Theft Risk
Creditors and credit bureaus often only get in touch with you at the location they have on record for you. However, there is a chance that your personal papers or information could accidentally be transferred to your previous location if your credit reports show numerous addresses. What could happen if anybody you don’t know gets access to your mailbox if you no longer live at that address? You should steer clear of this risk going forward because identity fraud is more prevalent than ever.
A Final Word
In this article, we outlined the method of changing old addresses from your credit report.
If you’re someone who relocates a lot, mailing your credit report agency about your location shift is vital. The list of old addresses on your credit file indicates your locations and can be a good way to protect your identity in case of identity mixup.
Even though you can leave your old information on your credit report, updating the data on it is crucial for a smoother debt application in the future and for the prevention of identity theft, credit disputes, debt violation disputes, and identity mixup.
We hope this article proved useful for you and that you will use the information given here for the maximum benefit.