Dealing with Credit Report Errors

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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.

Dispute Credit Report Errors

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.

Credit Report Dispute Was Ignored

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.

Working with the Best Consumer Protection Law Firm

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.

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Problem you are having

Once you submit this form a representative from the law firm of Francis Mailman Soumilas, P.C. will be in touch.
Or Call 1-877-735-8600 and get immediate help to see if you have a case.

Most Common Credit Report Errors

  • Outdated Information – credit reporting agencies all use their own databases and are updated at different times. If they have not updated their databases, they may be reporting old information that is no longer relevant, and no longer legally allowed to be reported.
  • Clerical Errors – these types of errors are very common and can impact your credit score. Make sure all of your loan and credit types are listed and labeled correctly.
  • Mistaken or Merged Accounts – account information is often mixed up with another person, generally because of similar names and addresses.
  • Identity Theft – victims of identity theft will find accounts opened in their name that they have never heard of or have seen before. It’s important to check your credit report annually to ensure that all accounts being reported are yours.
  • Incorrect Criminal Background Checks – these can be the most damaging type of mistakes. Criminal background check mistakes are generally due to merged or mixed up information due to similar names and addresses. Outdated information is also very common on background checks.
  • Credit Report Says You Are Deceased – this type of credit report error happens most often when a creditor reports an account as associated with a deceased individual or if your Social Security Number was reported as deceased. When this type of mistake happens on your credit report you won’t be able to get a bank account, renew your driver’s license, get health insurance, find an apartment, or participate in many aspects of daily life.
  • OFAC Alert – this alert on a credit report tells a lender or potential employer that the name matches a name on the U.S. Department of the Treasury’s Specially Designated Nationals (SDN) list. That is the list of suspected terrorists, drug traffickers, money launderers etc. who are prohibited from doing business in the U.S. If your name is mistakenly added to this list, which unfortunately happens, call us right now for help 1-877-735-8600. We have helped others who have incorrectly had this error on their credit report.

Credit Report Errors Can Cost 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.

35%

Payment History - If your accounts are paid and paid on time

30%

Amount Owed - how much money your credit report shows you owe to creditors

15%

Length of Credit History – how long you’ve had credit accounts and how long it has been since you’ve used them

10%

Credit Mix – looks at the different types of credit cards and accounts you have

10%

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:

  • Higher credit card interest rates
  • Higher home and car insurance premiums
  • Higher home mortgage interest rates
  • It can affect your U.S. government clearance
  • Higher private student loan interest rates
  • Loss of a job opportunity
  • Denial of loans and credit offers

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.

Francis Mailman Soumilas, P.C.

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