When You Discover an Error on Your Credit Report
There are many reasons why Americans are constantly checking their credit reports, as our credit scores dictate many aspects of our lives. Credit reporting companies sell reports to creditors, insurance companies, employers, and other businesses, which is why we like to keep a watchful eye on what happens to our scores. If you are working on getting a loan or applying for a job, you might be concerned about your credit and take steps to gain the score you need to enter this new stage in your life.
However, sometimes individuals will be scanning what they see on their credit report, only to find that a mistake has been made. According to some astonishing statistics, one in five Americans actually has an error on their credit report, which can lead to some concerns. The effects of this can be damaging and might hold you back from that loan that you want or the new apartment you were hoping for. Because of this, it is important to understand the many errors that might pop up on a credit report.
Common Errors That Appear on Credit Reports
Outdated Info: Your information is changing all the time, but what if it isn’t precisely up to date? There are three major credit bureaus that pull your information at any given time: Experian, TransUnion, and Equifax. Your information might be updated on one but not another. This might leave you feeling confused until another update is made.
Accounts That Have Been Mixed Up: More often than we would like to hear, our information might become mixed up with the personal information of another individual. Perhaps this is due to the fact that you have similar information as another person, such as your name or address. You want to ensure at all times that you are actually viewing your own account.
Identity Theft Issues: You might start finding accounts that have been opened that you know you never opened, or ones with different names attached to them. You should always check your credit report to ensure that your information is correct because, if it is not, you might be a victim of identity theft.
Incorrect Details: Clerical errors are more common than you would think. Your loans and other information might not be listed correctly, but can easily be corrected if you find the errors.
Background Check/Employment Errors: Perhaps your background check or employment status has not been updated for some time or a clerical error was made with incorrect info. These errors can be damaging, sometimes even resulting in job loss.
Understanding Your Basic Rights After You Discover a Credit Error
If you have found a major error on your credit report, you are not without options. Under the Fair Credit Reporting Act, you have many rights and protections when it comes to your credit score and report. If you discover that there is inaccurate information on your report, the agency that left the report must examine the information within 30 days. The reporting agency has a responsibility to remove it if they find that it is not correct. You might also be eligible to add a statement to your credit file explaining what has happened.
If you are concerned about your credit report and need assistance during this difficult time, we are here to support you and answer any questions you might have at Katz, Kantor, Stonestreet & Buckner. Our skilled attorneys have the necessary experience to help you through this challenging time. Please reach out to us immediately so that we can help you correct any credit report problems at 304-431-4050.