CREDIT REPORTING ERRORS

Most people know how important it is to maintain a good credit report. Today, credit reports are used to determine whether you can buy or rent a home, how much you'll pay for a car loan, and even whether you can get a job. Have you ever heard that "15 minutes could save you 15 percent on your car insurance"? The reason companies are able to make such quick decisions is oftentimes because the decision is made solely on a credit report or a credit score. 

​

Because credit reports are used in such a widespread manner, it is important that the reports be as accurate as possible. Not surprisingly, the law holds consumer reporting agencies to a very high standard. Specifically, when preparing a credit report, a consumer reporting agency is required to "follow reasonable procedures to assure maximum possible accuracy of the information concerning the individual about whom the report relates." What this means is that a credit report should not contain errors that could have been reasonably prevented. But, in practice, we know that consumer reporting agencies are unable to provide this level of accuracy. In fact, according to a 2012 Report that the Federal Trade Commision issued to Congress, 25% of consumers had an error on their credit report. Think about that for a minute: In a family of four, on average one person's credit report has an error. 

​

According to the Consumer Financial Protection Bureau, some common errors in credit reports are: 

​

Identity errors:

• Errors in your identifying information, such as the wrong name, phone number, or address.

• Accounts being listed that belong to another person with the same (or a similar) name as yours.

• Accounts resulting from identity theft.

• Closed accounts being reported.

Incorrect reporting of account status:

• Closed accounts being reported as being open.

• An account being listed as belonging to you, when you are just an authorized user.

• Accounts that are incorrectly being reported as being late or delinquent.

• Incorrect information about the date of your last payment, the date an account was opened, or the date of the first delinquency on an account.

• The same debt being listed more than once.

Data management errors:

• Incorrect information being reinserted in a credit report after it was previously corrected. 

• Accounts that appear multiple times with different creditors being listed.

Balance errors:

• Accounts with an incorrect balance being listed.

• Accounts with an incorrect credit limit.

​

However, this is not all of the possible errors. Sometimes people are listed as having filed a bankruptcy when they never did so. Or, a person may have multiple social security numbers listed for them, potentially causing significant confusion. And, in fact, sometimes credit reports inaccurately state that someone is dead! 

​

At Freeman Law, we pride ourselves in being able to help people correct the errors that may be plaguing their financial hopes and dreams. Whether you have found the error during your own review of your credit reports, or you learned about the error because you have recently been turned down for a mortgage, a car loan, an apartment, a job, or a credit card, we can help you navigate the complicated process of disputing erroneous information with the consumer reporting agencies, and try to get your credit report to only include accurate and proper information. We offer free consultations regarding credit reporting issues, and, if we think that you should dispute information on your report, we do not charge anything to help you lodge those disputes. So, if you think something about your credit report looks incorrect, call us today to schedule an appointment. Or, if you would rather, please fill out the below form, and we will be able to begin reviewing your situation as soon as possible. We will then contact you to make an appointment after we have reviewed your information.