A credit report contains crucial personal information about residence history, bill payment history, bankruptcy filings and even arrests. The use of these reports is widespread and can be used to evaluate options for credit, insurance, housing or even employment. When a dispute exists as to the accuracy of information on a consumer’s credit report, a San Diego Credit Report Error Attorney can help greatly.
The three major credit bureaus are Equifax, Experian and TransUnion. Each bureau maintains its own database of consumer data, including personal information, account information and payment history. Mistakes happen, as shown by a a Federal Trade Commission study last year found that one in four consumer credit reports contains an error.
One major type of error is an identity error – this occurs when identical names are confused and aspects of one person’s report begin to show on another person who has the same or a similar name.
Another common error occurs when there are incorrect account details listed on the report. For example, a debt could be “re-aged” to show a later default date which could in turn affect when the entry drops off of the report, or the entry could show the wrong credit report which in turn would affect the score by showing a higher usage of credit.
Finally, identity theft is rampant and a consumer should commonly check their credit reports to make sure that unauthorized and fraudulent debts have not been incurred.
Steps to Take
The most important step that a consumer can take is to regularly check their credit. Instead of signing up with a paid service, it is usually sufficient to simply order a copy of the free credit reports that the bureaus are required to provide by law.
If an error is spotted, the next step is to initiate the dispute process.
This article provides an excellent overview of the “do’s and dont’s” of navigating the dispute process. Perhaps the most important piece of information: never submit a dispute online under any circumstances.
When to contact a San Diego Credit Report Error Attorney
It makes sense to get an attorney involved as early in the process as possible, particularly when an error is causing severe hardship such as the inability to refinance or obtain employment. Legal action against a credit bureau or a debt collector will depend at least in part on the information provided by the consumer as part of the dispute process, and a San Diego Credit Report Error Attorney can help with this as well. If you are dealing with a credit report issue, feel free to contact The Jake A. Walton Law Firm – we would be happy to speak with you.