For many, the idea of their credit report including a number of errors is something incredibly frustrating. Credit reports play a considerable role in ensuring consumers can take out loans and buy homes. As such, it’s imperative to understand what your legal options are to have these matters remedied and who can be held liable for the credit report errors impacting you. The following blog explores what you should know and why it’s in your best interest to work with a California credit report lawyer who can help fight for you during these difficult matters.
What Are the Most Common Mistakes in Credit Reports?
As a consumer, the information on your credit report will play a significant role in determining different aspects of your life, from where you can live to whether or not you can get a car loan. Unfortunately, when the information in this report is not correct, it can have a negative impact. Although your credit report plays an integral role in your life, you’ll find that credit report errors are all too common.
Generally, there are two kinds of mistakes you’ll find on your credit report. The first are errors with your personal information, like misspelling your name, an incorrect social security number, or an outdated address. While this generally does not directly impact your credit score, you’ll find that it can affect your ability to receive loans as the creditor may be concerned about the discrepancies between your loan application and the information on your report.
The other common mistakes include account information errors. These have a direct and considerable impact on your credit report, so these errors can be a hassle to handle. Generally, they include things like listing duplicate accounts, incorrectly reporting late payments, listing closed accounts as open, or accidentally including debts that have been previously discharged.
Can Anyone Be Held Liable for Credit Report Errors?
If you discover credit report errors, it can be incredibly frustrating. Generally, these are the result of human error, whether the creditor supplied the incorrect information or the reporting agency entered the information incorrectly. Regardless, you should not be left to suffer the consequences.
If you have submitted a dispute to have the incorrect information removed from your report but the agency denied or ignored it, you can take steps to file a claim against the negligent party. In most instances, if you can prove that the reporting agency violated the Fair Credit Reporting Act, you may be eligible to recover statutory damages in addition to the actual damages you’ve endured because of the negligence.
When your credit report is littered with incorrect information, you shouldn’t have to bear the burden of the reporting agency’s negligence. As such, the team at Loker Law, APC, can help you fight for the compensation you deserve while helping to remedy the errors in your report. Connect with us today to learn how we can fight for you during these matters.
