Here’s an interesting legal/ethical question. Everyone knows that if you get a copy of your credit report and it includes false information, you can and should dispute it.
I’m not talking about minor things such as failure to report one day late (which I understand is very common), but substantial stuff such as a fully paid mortgage for someone whose never had a mortgage (i.e. it’s not even your account), or a “never late” remark on an account that you never paid a dime on in 10 years.
Is it legal and/or ethical to fail to report this, and let potential creditors evaluate you based on the false positive information, as long as you didn’t scheme to put the false info there or assert to the potential lender that you agree with your credit report?
I’d think that having false ACCOUNTS on your credit report, even if in a positive state, is dangerous in a practical sense (ignoring ethics and law) because payments on the account are beyond your control (e.g. if it’s actually someone else’s loan…) and you don’t know if it will go derogatory at any moment and trash you.