Many consumers know first hand that credit report errors are common and can be harmful to your credit and daily life. According to a study released in 2013 by the FTC, 5% of consumers have credit report errors. Mistakes on your credit report can prevent you from getting a loan or credit, can prevent you from getting housing, and even prevent you from getting a job.
As a consumer you should check your credit report annually to ensure all information being reported is correct. Yearly credit report monitoring also helps you catch signs of identity theft.
Ordering your credit report annually is easy and Free at AnnualCreditReport.com Here you can get a free copy of your credit report once a year from the three national credit bureaus: TransUnion, Equifax, and Experian.
If you find any incorrect information on your credit report, under the FCRA, you have the right to dispute it. The first step in disputing credit report errors is to contact the company that issued the credit report. They may offer an online dispute form. If not or if you want to write a credit report dispute letter.
Tips for Mailing a Credit Report Dispute
Make sure to include COPIES (do not send originals) of any documents that you may have to prove that what they have reported is an error.
Make a copy of the letter for your records.
Send the letter certified mail so that someone has to sign for your letter and you will have record of when it was received.
Keep records of all contact with the credit reporting agency.
The credit reporting agency will have 30 days to respond to your dispute and correct any errors.
If you tried to dispute errors on your credit report and the credit reporting company ignored your request or continues to report incorrect information on your credit report, it is time to get legal help.
Francis Mailman Soumilas, P.C. has helped thousands of consumers with credit report errors that go ignored. We know the laws, we know your rights, and we will fight for you. Fill out our form for a free case review or call us now at 1-877-735-8600 to see if you have a case. Get free expert legal advice with no obligation and no out of pocket costs to you. We work out the details with you ahead of time and we only get paid when we win for you.
An error on your credit report can lower your credit score. FICO credit scores are the most commonly used. Your FICO credit score is based on five categories.
Payment History - If your accounts are paid and paid on time
Amount Owed - how much money your credit report shows you owe to creditors
Length of Credit History – how long you’ve had credit accounts and how long it has been since you’ve used them
Credit Mix – looks at the different types of credit cards and accounts you have
New Credit – how many new accounts you have opened and when
If you request your credit score from Experian, TansUnion, or Equifax, each may have a different score for you, since they each use their own databases for putting together your credit reports and scores. If you’ve found issues on one, you may want to check with all three.
Errors on your credit report can cause a low credit score can be damaging many ways, including:
Each of these instances alone can cost you thousands. That is why it is so important that you check your credit reports annually and dispute any errors you find immediately.
Though credit scores are generally not free, you do have the right to request your score from credit reporting agencies.
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