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Credit report errors.
A large number of credit reports contain errors. Even if you do not have any issues in obtaining a loan or credit, you may be receiving higher interest rates due to errors that you are not aware of on your credit report. Fortunately, you can repair your credit and earn a better credit report score. Credit reporting agencies (such as Equifax, TransUnion, and Experian) and the businesses reporting to these agencies have the legal responsibility of providing accurate credit history information to lenders, employers, and other similar entities.
If there is an error on your credit report, the Fair Credit Reporting Act allows you to file a lawsuit against the business or credit reporting agency who reported the erroneous listing and collect damages. If the error is a willful error (wrongfully reported in which they refuse to remove or correct despite your requests asking them to correct it), you can be awarded damages (money) and attorney’s fees from the court. If it is a negligent error (a mistake without giving them the opportunity to correct it), you can be awarded damages but you would have to prove exactly how you suffered a loss as a result of their credit reporting error.
The typical errors found on credit reports can include:
- Duplicate Listings – A single debt is listed two or more times on your credit report, making it appear as if you owe more than you actually do.
- Incorrect Reports – Your report states that you are behind on a debt when it is current, paid off or you only owe a smaller amount.
- Old Listings – A debt is only allowed to be listed for 7 years (with exceptions like 10 years for bankruptcies or judgments…), but certain companies may try to keep it on longer so you are pressured to pay off the debt
- Complete Errors – Another person’s credit information can be included on your report which typically occurs where two individuals have similar Social Security numbers.
- Impermissible Access – When you apply for credit, your credit report is often reviewed, which can have an impact on your overall credit score. If someone reviews your credit report without your authorization, it can appear as if you’ve applied for credit more often than you actually have, which can be detrimental to your score.
Repair your bad credit.
You can begin repairing your credit score at any time. Improvements are based a number of factors, including: on your financial activity, especially as you eliminate excessive debt and monitor spending. Typically, this is done by:
- Removing inaccuracies on your credit report
- Settling defaulted accounts
- Vacating judgments
- Removing accounts that are too old to be on your credit report
- Disputing accounts (partially or in its entirety)
- Avoid credit applications
- Removing credit report reviews / applications
- Regular payments on current accounts
- Effective budgeting
Almost everybody understands the importance of a good credit score. A bad credit score can affect your chances of getting a job and will make it difficult to get a loan or credit cards. If you do get a loan or credit, you will be paying much higher interest and will have a much lower credit limit. A good credit score results in the opposite, making it easier to purchase a house or car at a low interest rate, take out larger loans and have higher credit limits, and can positively influence your job perspectives. All these decisions are directly affected by what it says on your credit report.
Get help with credit repair.
Law Offices of Joseph I Harrison
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