Category: Credit Report Claims

Your credit score is one of the most important numbers in your life. Unbeknownst to most people, your credit score can determine all aspects of your life.   Your credit score can determine what job you have to where you live. Your credit score will determine whether you get approved for loans for your car, or home, and even your education.  The higher rates that you will pay on those loans if you have inaccuracies or bad credit will make your loan payments higher and security deposits if you rent an apartment much higher. Your credit score is a number identifying your perceived creditworthiness as commonly determined by the data from one of three national credit bureaus: Experian, Equifax, and TransUnion. The credit score itself is evaluated based on a model by data analytics company Fair, Isaac and Company – more commonly known as FICO. Your FICO score is determined based on information provided by one of the three national credit bureaus and will vary slightly across each provider as each may have different information. There are additional models and providers of credit scores, but predominantly it will be your FICO score that is used.  

Given that each national credit bureau maintains different information, what happens if one bureau has incorrect information on your credit file? Similarly, what constitutes incorrect information? Any information in your credit file that is incomplete or inaccurate constitutes incorrect information. Incorrect information in your credit file should be disputed to ensure that your credit score best reflects your actual credit history. 

Review Your Credit Report

Each year, you can request one free credit report from each of the three national credit bureaus using www.annualcreditreport.com. These free reports must be offered under the Fair and Accurate Credit Transactions Act. Once you’ve received your credit report, you should review it in detail for any incomplete or inaccurate information. Some common examples are incorrect personal information.  If you see an incorrect address or another person’s name they could be using someone else’s information to determine your score. If you see accounts or debts not belonging to you it could be sign that your identity may have been stolen and those accounts could also negatively affect your credit.  If an account is listed more than once, or accounts are reported as open that have been closed, these inaccuracies can affect your credit utilization ratio which can negatively impact your credit. Also, if you see inaccurate payment history incorrect account balances, improperly reported payment delinquencies, can also negatively impact your score.  If you see any of these inaccuracies, contact us for a free consultation.   

Contact the Furnisher

If you’ve identified an error in your credit report, you can contact the furnisher (the company that the error relates to). If you have a Capital One credit card and the credit report shows payment delinquency on your Capital One credit card but you know that is incorrect, you should contact Capital One as the furnisher of that information. When contacting the furnisher, contact them in writing.  Confirm that their records show the error. If they do, then you can resolve the error with the furnisher who will then report the correction to the credit bureaus. If they do not update your information correctly, contact us for a free consultation so we can help you resolve the matter.  

Contact the Credit Bureau

If the error isn’t resolved with the furnisher, either because they don’t show the error or because they disagree that it’s an error, you will need to send a dispute letter to the credit reporting bureau that identifies the error and includes evidence of your position.   Contact us for a free consultation so we can help you resolve the matter.

Florida Credit Report Claims Lawyer

At the Law Office of William J. Roe, our attorneys are on your side. We have helped hundreds of Florida residents dispute credit report errors. Your credit score has a significant impact on your life – you shouldn’t be denied an opportunity due to a furnisher or credit bureau improperly reporting your information. We understand what furnishers and credit bureaus expect in disputes and how to quickly resolve them. If you have identified errors in your credit report, please contact our offices today for a free consultation. 

Having good credit can open many doors. It can qualify you for better  rates and also increase your chances of being approved for credit, loans, and insurance. It will also make it easier for you to be approved to rent a house or an apartment. Unfortunately, errors on your credit report can unnecessarily bring your credit score down. Clearing up these errors is important because credit reporting companies report this information to potential employers, insurers, and credit card companies that will utilize the information in evaluating any application you submit to obtain credit, insurance, or housing.

This is why you should review your credit report periodically to make sure there are no errors.  You can obtain a free credit report once a year from all three credit reporting agencies from annualcreditreport.com. Not only will reviewing your credit report help you obtain credit, loans, housing, and a job, but it will also help you fight identity theft. If someone has used your personal information to take out loans or apply for credit in your name, that information should show up on your credit report. Without reviewing your credit report, you may not even be aware that you have been victimized. Your credit could be ruined and you would not even know it. Fortunately, any errors appearing on your credit report can usually be cleared up, but it can be difficult without consulting with or retaining an attorney.

What Do I Do If There is an Error on My Credit Report?

To correct an error on your credit report, you should first report the error to the credit reporting agencies (Experian, Equifax, and TransUnion are the three biggest) in writing.  Explain to the companies in writing why you believe the information on your credit report is inaccurate. Include any documentation that supports your assertion. Be sure to state that you wish the error to be removed or corrected. 

You should also submit a dispute to the company that furnished the information to the credit reporting company, such as the bank or credit card company.  You should include much of the same information in this dispute as you did when writing the credit reporting company. State the name of the credit report that showed the error as well as the error you are seeking to correct. Highlight the dates of the disputed information as well as providing an explanation of the error. Submit any supporting documentation.

Credit reporting companies are obligated to investigate disputes. They must also forward all documents associated with the dispute to the furnisher (the company that provided the information). The credit reporting company will provide you with the results of the investigation. If the furnisher corrects the error following a dispute, the furnisher must send notice to all credit reporting companies that inaccurate information was provided so that they can update their reports with accurate information.

Credit Report Errors

If you see any inconsistencies or errors on your credit report, do not fight alone.  Call The Law Office of William J. Roe and we will help you get these errors removed from your credit report.  There is no charge for a free consultation and there is no charge to you for our attorney’s fees if we file suit,  we go after our fees from the Credit Reporting Agencies and Furnishers (banks, credit card companies, etc.). You do not want these errors or inaccuracies to prevent you from getting access to all of the benefits that good credit can get you. Contact us today.