When someone makes a mistake that impacts you financially, understanding your legal options is critical. Unfortunately, many are unaware they can recover compensation for mistakes on their credit report. If you have mistakes in your report, it’s important to know your rights as a consumer. The following blog explores the impact these issues can have and why it’s imperative to work with a California credit report lawyer to fight for the actual damages you have sustained due to credit errors.
What Impact Can Mistakes on My Credit Report Have?
When you find an error on your credit report, it will generally fall into one of two categories. The first are errors involving your personal information, which generally means outdated address, incorrect date of birth, misspellings of your name, or a social security number error. These errors typically do not impact your credit score directly but can result in you being denied loans. If the creditor sees that the information on your application does not match what’s on your credit report, they may deny it. In more severe instances, you may be the victim of a complete credit mix, which occurs when your report is switched with that of another person, typically someone who shares a similar name or social security number with you.
The next set of mistakes that can impact your credit involves your account information. These errors can directly impact your credit score, as they include things like duplicate account listings, including discharged debts, incorrectly reporting discharged debts, and listing payments as late.
Can I Seek Actual Damages for Credit Errors in California?
Because errors on your credit report can directly impact your credit score and subsequent finances, understanding your legal options during these matters is critical. Generally, if you have tried to dispute the inclusion of false information on your account but the reporting agency fails to or refuses to remedy the error, they are likely in violation of consumer protection laws like the Fair Credit Reporting Act (FCRA). While you can typically seek statutory damages for these violations, you may have also suffered actual damages as a result.
In credit reporting error claims, actual damages reflect monetary losses incurred as a result. For example, if you were denied a loan, were approved with astronomical interest rates, had credit cards closed, or were subjected to reduced credit limits, you can seek compensation for these damages. In addition, if the stress of false information on your report caused you to require medical attention, you can also fight for this compensation when filing a claim.
Navigating a credit error claim without the assistance of an experienced attorney can be incredibly difficult. As such, it’s imperative to seek legal representation for these complex issues. At Loker Law, our dedicated legal team understands how difficult these matters can be, which is why it’s our goal to help guide you through these difficult times. Connect with us today to learn how we can help you recover the compensation you deserve when a reporting agency makes errors that impact you.
