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Bank in Kentucky falsely reports bankruptcy, corrects error

There are many things that can affect your credit score, one of those being bankruptcy. Although that is often a big fear for those considering filing, it shouldn’t be as big of a deterrent as it often is. People should think about their score logically. If they are dealing with a lot of debt and are not managing it well, their score has likely already dropped significantly. The benefits of bankruptcy might just outweigh the temporary hit to your credit store.

While we’re discussing credit reports, it is good to keep in mind that accuracy is very important. If your credit report has incomplete or inaccurate information, it could affect your score and your ability to be approved for loans.  Working with a lawyer to correct these issues may be important, especially if big errors are discovered. This might be a logical step for those involved in a recent mistake made by a bank in Kentucky.

It seems that during a three-month span in 2013, Fifth Third Bank reported to credit bureaus that some of their customers had filed for bankruptcy. That would seem like an ordinary practice except that those customers did not file for bankruptcy. It apparently happened during a system change, but was corrected in December.

Although they claim the problem has been fixed and that it won’t affect anyone negatively, the Better Business Bureau recommends keeping an eye on your credit score anyway to make sure it’s accurate. Errors like this could mean the difference between financial stability and a financial mess.

Source: WKYT, “Fifth Third Bank accidentally reports customers filed bankruptcy,” Whitney Wetzel, Feb. 12, 2014

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