You’d be surprised to discover how common credit reporting errors are, despite the necessary role they play in the lives of consumers. However, it’s essential to understand what mistakes you should look out for when reviewing your credit report. If you need assistance remedying the errors on your credit report, you’ll want to ensure you reach out to a California credit report lawyer to help you through this process. Keep reading to learn the most common errors and discover why it’s imperative that you remedy the issues.
What Credit Reporting Errors Should I Look Out For?
One of the most common mistakes consumers see on their credit reports is the inclusion of incorrect accounts. These reports show how many accounts you have open in your name, and if you see one you never authorized, it can generally be one of two things. This is often a sign that you may be the victim of identity theft or could be an error on behalf of the credit reporting bureau. In some instances, they have mixed up your information and accounts with another person, as the result of a data-entry error.
Another common issue lies within the personal information reported on your account. If your name, date of birth, social security number, or address, among other details, are incorrect, it can have a considerable impact on your life.
Finally, you may discover there are errors involved with your accounts. This can include incorrect account balances, credit limits, listing discharged debts on the report, or listing payments as late.
Why Do I Need to Report These Mistakes?
Though these errors may not seem like a big deal, they can have a considerable impact on your credit score.
For example, if you are assigned another person’s account, and they do not make their payments on time, it will impact your credit since it is under your name. Similarly, if your name is spelled incorrectly or your personal details do not match what’s on a loan application, it’s likely that you will be denied.
If you notice incorrect information, you must contact the credit reporting agency immediately to remedy the issue. You should not reach out to the creditor directly, as it is the reporting bureau’s responsibility to maintain data. You can file a dispute, which the agency has thirty days to respond to.
Should the agency refuse to remedy the issue, it’s essential to contact an attorney as soon as possible. Our dedicated legal team will examine the details of your case to help you handle an uncooperative reporting agency to help restore your credit when you’re the victim of an error. When you need help, Loker Law can help. Contact us today to get started.