Credit Report Problems

Your credit report has a major impact on your life. It can determine whether you qualify for a loan to purchase a home or a vehicle. It can also be used to determine whether you qualify for credit, for a job or even housing. Because of this, any problems or credit report errors that occur in relation to these reports can result in devastating outcomes for affected consumers.

As soon as you have discovered that there is a problem with your credit report, you should take immediate action by calling a skilled attorney. I am a debt collection defense lawyer who can work directly with the credit report agencies and your creditors on your behalf in order to help resolve the issues you are facing.

Types of Problems that Affect Credit Reports

Here Just a Few Examples of the Common Credit Report Problems That Consumers Face:

Inaccurate Information Provided by Creditors—This incorrect information might include grossly miscalculated credit balances, incorrect notations of late or missed payments or other inaccurate adverse complaints against you. Sometimes, a creditor's simple mistake of incorrectly imputing a Social Security number can result in someone else's credit information being linked to your credit report. Certain steps must be taken in order to have the creditor fix any misinformation on your credit report.

Problems Caused by Identity Theft—You might find that there are accounts that you never even open listed on your credit report. When that happens, it is often the result of identity theft, or someone else stealing your personal information to open credit in your name. The consumer will need to dispute these accounts so they can be removed from his or her credit report.

Improper Handling of Disputes—When consumers make credit report disputes, the Fair Credit Reporting Act dictates that the credit reporting agencies and creditors must conduct timely investigations into whether any inaccurate information was reported. Sometimes, these agencies or credit companies do no conduct thorough investigations or they do not respond to the disputes in a timely manner, which can result in unfair outcomes for consumers. In these cases, the agencies and/or creditors can be sued.

In February 2013, the Federal Trade Commission announced results from a study in which one in four study participants (about 25%) found errors on their credit reports that could potentially impact their credit scores. It is obvious that the credit reporting system is not perfect, which means that you will have to be vigilant about any mistakes that could harm your financial stability.