Fix Your Credit Report So You Can Live Your Best Life
“My credit report is wrong, and it’s stopping me from buying my dream home.”
We see a situation like yours all too often. Your chances of being approved for credit cards and car and home loans are affected by errors on your credit reports that produce lower credit scores. Even if you qualify, you will pay higher interest rates. This is why people must check their credit reports frequently. Look for accounts on your credit record that are not yours. Someone may have applied for a credit card, line of credit, mortgage, or another loan in your name. It can simply be an error or the surface of something very nefarious.
Take the necessary actions to have it corrected to ensure that it isn’t fraud or identity theft by engaging the services of a credit report lawyer in the Mississippi area.
Why is My Credit Report Wrong?
There are many reasons a mistake could appear on credit reports.
Credit report errors that could significantly lower your credit score include:
- Failure of a creditor to update information and transmit it to a credit reporting company
- Inaccurate information about account balances
- Derogatory marks that are more than seven years old
- Miscalculated credit limits
- Bills that are incorrectly recorded as late or delinquent
- Fraud or identity theft
- Someone else’s information is on your report
What Can I Do If My Credit Report is Wrong?
You should send a certified letter with your name, social security number, address, and other personal information to the three major credit bureaus—Experian, Equifax, and TransUnion—to initiate the dispute process. This ensures that it is you. Then, mail the letter certified to the credit reporting agency with the green return slip. You need to keep them to show that the credit reporting agency received your letter. They won’t be able to fix any mistakes on your credit record without the required written notice, so it’s crucial to communicate any information you think is incorrect to your credit bureau in writing.
The Federal Trade Commission offers a free credit agency template to help you draft your letter or email.
After you submit all the required documents, the credit bureaus will contact the lender to raise the dispute and request confirmation of the data reported. They typically have 30 days to remedy a reporting error, though that may be extended to 45 days under certain circumstances.
The credit bureaus will then provide you with an updated report.
You Should Retain a Mississippi Fair Credit Report Attorney
Fixing credit errors is a potentially long and arduous process. Let an attorney guide you through the process if you need to dispute credit report information. One of the debt services we provide to clients in Mississippi is taking control of their credit by correcting inaccuracies and errors on their credit reports and then vigorously enforcing their rights when mistakes have been made.
The damage done to your credit could be severe, resulting in your life goals being delayed and efforts to acquire assets thwarted. You may even be entitled to damages. If you need to escalate the matter, have an expert credit report attorney on deck ready to represent you.
How Can I Be Protected If My Credit Report Is Wrong?
As a consumer, you have protection under the Fair Credit Reporting Act (FCRA) against credit reporting companies, banks, and lenders who report inaccurate credit information, neglect to correct credit report problems, or utilize a credit report for unlawful purposes.
You have options available to you. Contact a consumer protection attorney at Ware Law Firm to find out how we can help you.