Credit reporting inaccuracies are very common
They happen when something that happened in the world – let’s say, a debt settlement that was paid in full – is not properly reflected on an individual’s credit report. Inaccuracies can also happen when something did not happen, but is reported as if it did – in a way that harms an individual’s credit. For example, a repossession that never occurred is reported on a consumer’s credit report, causing their credit to deteriorate.
Inaccurate information within credit reports can force consumers to pay more for loans and mortgages, or block them from accessing lines of credit altogether. Credit reports that contain erroneous and damaging credit information may also stand in consumers’ way of getting jobs or insurance policies.
Fortunately, however, the law protects consumers when their credit reports contain inaccurate information. Under the federal Fair Credit Reporting Act (“FCRA”), consumer reporting agencies, as well as companies that provide them with consumers’ data, must report accurate information and fix errors that have been disputed.
It is prudent to regularly check your credit report. Under normal circumstances, consumers may order a free credit report every 12 months under the FCRA. During the Covid-19 pandemic, Equifax, Experian, and TransUnion are offering free weekly online reports to consumers until April 2021.
Consumers may also obtain free credit reports if:
- They’ve become unemployed and plan on starting a new job within 60 days
- They are depending on public assistance
- They are the victim of identity theft
- They have been denied credit or employment based on information they disputed
Every Situation Is Different
Usually, if a consumer notices inaccurate information in their credit reports, they should submit disputes with all three major reporting agencies — Equifax, Experian, and TransUnion — as well as any other company they believe is responsible for the mistakes. However, the course of action required differs depending on an individual’s specific fact pattern and personal goals. Sometimes, disputing the errors with the credit reporting agencies would not be advisable.
Consumer Attorneys can help you identify the inaccurate information on your reports, advise you regarding the next steps, and guide you through the process of disputing the information with the credit reporting agencies or background reporting agencies.
Examples of Credit Reporting Errors
- Deceased reporting - there is a deceased notation on my credit report;
- Mixed files - someone else’s accounts and information are on my report;
- Identity theft - unauthorized and fraudulent accounts and transactions;
- Repossession that never occurred but is reported;
- Paid account that is reported as an outstanding debt;
- Accounts that are discharged in bankruptcy but are reported as delinquent;
- Bankruptcy that never occurred;
- Incorrectly reporting accounts as charged off or in collections;
- Paid tax liens reported as outstanding debts;
- Reporting derogatory accounts older than 7 years;
- Reinsertion of previously deleted accounts;
- Duplicate reporting of the same account;
- Forbearance or deferment on loans or accounts but reported as delinquent;
- Materially misleading reporting.
An Experienced Lawyer Can Help You
Our lawyers have worked on many different types of inaccurate reporting, with great success rates. With the help of Consumer Attorneys, consumers can fix errors in their credit reports, and they may even obtain compensation for damages caused by these reporting errors.
Credit report errors can keep consumers from moving forward. Contact an experienced attorney to help you through the process.
Our Practice AreasExplore more
Frequently Asked Questions
How credit reporting attorneys can help?
How Accurate Are Your Credit Reports?