Whether you’re reviewing your credit score or were denied a loan application, you may be shocked and confused to find an OFAC alert on your report. However, this is not something you should ignore, as it can have a devastating impact on your credit score and whether or not you are approved for loans. The following blog explores what you must know if there is an alert on your credit report and why you need a lawyer to help you with inaccurate account information disputes.
What Is an OFAC Alert?
The Office of Foreign Asset Control (OFAC) is the government entity responsible for sanctioning those with bad intentions from receiving loans or making financial transactions within the United States. This office deals with criminals, like terrorists or drug traffickers, so this is not an alert you want to leave on your credit score.
This alert is placed there so financial institutions in the country know not to interact or do business with you.
How Can I Get the Alert Removed?
If the alert on your credit report is inaccurate, understanding that you can dispute the information on your account is essential.
The first thing you should do is check the Specially Designated Nationals (SDN) list. This has the information of individuals with sanctions. If you are not on this list, it is an error, and the credit reporting agency should disregard the alert and remove it. If your name is on the list, but the information is incorrect, it is likely an error. Finally, the reporting agency or creditor can contact the office and confirm the validity of the information.
It is your right as a consumer to have incorrect information removed from your credit report under the Fair Credit Reporting Act (FCRA).
How Can a California Attorney Help Me?
Even if you have the alert removed from your credit score, it’s very likely that your credit score has already suffered as a result. As such, it’s imperative to contact an attorney to help you recover compensation for the damages you’ve endured as a result of the inclusion of false information.
For example, you can recover economic damages if you were denied a loan because of the alert on your credit report, while non-economic damages may be ordered if you suffered emotional distress or mental health issues because of the inclusion of false information on your account.
When there are issues with your credit report, Loker Law can help. Our dedicated legal team can assist you through this complex process, as we understand how crucial this information is to your finances. Contact us today to connect with a member of our legal team to discuss the details of your report.
