One-third of Americans have discovered mistakes on their credit reports, according to a new Consumer Reports investigation. This figure is startling and alarming, especially considering how much a credit score can affect one’s quality of life. Credit report errors can have an immediate and devastating impact on people’s lives.
Credit scores are used to determine a person’s ability to get loans, apply for housing, and even what interest rate they will pay. Because of the weight and significance put on accurate reporting, credit report mistakes could potentially prevent someone from buying a house or even being unable to attain a rental.
According to the report, 29% found errors regarding personal information. These mistakes regarding personal information may not damage your credit score. But according to Consumer Reports policy analyst Syed Ejaz, these types of mistakes could make it more difficult or impossible to access your credit report.
The report also stated that 11% of Americans had found account information errors. Mistakes related to personal information may not hurt your credit score, but account information errors, on the other hand, can cause significant damage to your credit.
What does this tell us about credit reporting in the United States? Well, it’s far from perfect, and it’s incredibly important to monitor your credit and make sure all information is accurate.
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What can You Do to Protect Yourself from Credit Report Errors?
The first step to protecting yourself and your credit is by being proactive. Regularly monitoring your credit report and checking it for accuracy is a wise move.
Thankfully, the best way to check your credit report is free, at: www.annualCreditReport.com.
What Can You Do If You’ve Found Errors on Your Credit Report?
Suppose you have discovered errors in your credit report. In that case, you will need to contact a credit report lawyer right away to help investigate how the error occurred, who is responsible for it, and how to rectify the situation best.
Personal Information Errors
If you are unable to access your credit reports online or by telephone due to personal information mistakes, then you will need to write a letter directly to the reporting agency in addition to contacting a lawyer.
In your letter, be sure to include:
- Appropriate identification, such as a driver’s license number
- Proof of your address, which may include a bank or utility statement
Account Errors
For other more serious mistakes, it is necessary to dispute them with each individual credit reporting company to correct these mistakes.
You will need to explain to each credit reporting agency what needs to be corrected and put why in writing. You will also need to provide:
- Your account number
- Complete name and address
- A copy of your credit report with the dispute highlighted
- Copies of documents that support your claim.
Always be sure to keep records of the paperwork you send out to these companies and to send your letters by Return Receipt Requested – to stop the credit bureaus from saying they did not receive them!
Be aware, it is difficult to fix mistakes on a credit report, but it’s not impossible, and help is available to you. At Holland Law Firm, we have worked with countless clients who have been victims of credit reporting errors and needed help clearing their names and getting their lives back in order.
Our consumer rights lawyers will fight to protect your name, reputation, and daily life from the fallout of credit reporting errors.
To learn more about credit reporting errors, please read our accompanying blog articles:
Top 3 Common Credit Report Errors That Hurt Your Credit Score