The Fair Credit Reporting Act (FCRA) gives consumers the right to request a complete summary of their credit report. This right allows them to protect themselves from errors in their credit report.
Lenders are extremely careful about who they lend their money to, as they need to minimize their risk. To inform their decisions, they gather customer information from a selection of credit bureaus. If you've been denied credit and don't understand why, know that even the biggest credit bureaus such as TransUnion, Experian, and Equifax are prone to making mistakes in your credit reports.
Some errors stand out in your report and can cause lenders to deny you approval for a home, car, or job. Even something as small as a piece of outdated information can raise the alarm and lead to a loan denial. False, omitted, or misleading information on credit reports has been an ever-increasing challenge that reduces consumers' creditworthiness, leading to credit denial of all types.
Most people getting a subprime loan have settled their issues and are working to bring their credit back up. You must make sure all your credit reports are updated, especially when dealing with the subprime market. An outdated report will lead you to a loan denial. Negative information can stay on your credit report for seven and a half years, and in case of bankruptcy shown wrongly, it can stay up to ten years.
Errors on credit reports are not easy to remove, and for that, you need Consumer Attorneys. Consult us at +1 877-615-1725 for immediate assistance, or you can fill out a free case review on our website.
Here's a list of the most common low income and subprime companies: