Like most consumers, you understand how important your credit report is. That’s why it’s imperative to ensure the information on your account is accurate. Unfortunately, finding a credit report error is not as uncommon as you may believe. As such, understanding how these mistakes happen and what errors are most common is critical. Luckily, the following blog explores what you should know about these matters and why working with an inaccurate account information disputes attorney is important to remedying these matters and fighting for compensation for any damages endured as a result of these errors.
How Does a Credit Report Error Happen?
Despite the importance of credit reports, errors on consumer accounts are incredibly common. In fact, some studies estimate that anywhere between 50% to 79% of credit reports have some error on them, with as many as 25% percent containing mistakes that can impact the consumer’s ability to obtain a loan.
Errors are most commonly the result of human errors. For example, if a creditor submits incorrect information to the reporting agency, you’ll find that this can reflect on your credit report. Similarly, the creditor may provide correct information but the individual responsible for including the information on your account may type in the incorrect number or include an inaccurate date.
Additionally, you’ll find that errors may not be the fault of the reporting agency but due to identity theft. If there are accounts or debts on your report you never authorized, the inclusion of these errors could be because someone has accessed your personal information.
What Mistakes Are Most Common?
Generally, there are two kinds of errors that can impact consumer reports – errors regarding personal information and incorrect account information.
Errors involving your personal details can include misspelling your name, listing the wrong birthdate, mixing your account with someone with a similar Social Security Number, or including an outdated address. While these may not have a direct impact on your credit score, they can impact your ability to secure a loan or housing as you may find that a creditor denies your application because the information you provided does not match what’s on your report.
You may also find that errors involving incorrect account information can impact your credit report. For example, if a creditor misreports an account as delinquent, lists a closed account as open, reports the incorrect amount of debt owed, or lists the same debt multiple times, it can have a negative impact on your credit score and may lead to being denied loans or housing.
If you find incorrect information on your account, you’ll need to file a dispute with the reporting agency to prove the information should be removed.
However, you may find that the agency denies your claim or you suffered economic damages because of the inclusion of incorrect information on your account, working with an experienced attorney from Loker Law can assist you. Our dedicated team understands how complicated these matters can be, which is why our firm is ready to fight for you. Connect with us today to learn more.
