Are inaccurate credit reports hurting your financial wellness? When your credit health is negatively impacted, it can easily lead to feelings of frustration and anxiety. If you’ve fallen victim to identity theft or have suffered from an errant credit report, our Glendale credit repair lawyers are ready to help.
The process of credit repair exists to facilitate such corrections. Don’t let an incorrect credit report affect your credit history or your chances of qualifying for a loan. Let our Glendale credit repair lawyers guide you in repairing your credit and placing you on the path to a better future. No matter what your issue is, we can provide informed legal guidance on credit disputes and how to resolve them, and we can hold those responsible accountable for their actions.
Contact our legal team today for a free consultation to learn how we can restore your credit and help you take control of your financial situation.
Common Credit Reporting Errors
Your credit report is a major factor in determining your creditworthiness, and you may not even know that a mistake on your credit report could affect your credit score. Our Glendale credit repair lawyers will take whatever legal means are necessary to fix your report and get your credit score back on track. If you are experiencing credit problems, it is likely a result of one of the following:
- Inaccurate Personal Information: One of the most common types of errors reported by consumers are personal inaccuracies such as wrong or incomplete personal information (names, addresses, social security numbers), which can be the result of simple typographical mistakes but also identity theft. These types of errors are likely to cause problems at some point down the road.
- Outdated Or Replicated Accounts: A second kind of mistake relates to old or duplicate accounts. If you close an account but the closed account remains on your report in the ‘open’ category, your credit score could be negatively impacted. Likewise, duplicate accounts could make it seem like you are carrying more debt than you really are, skewing your debt-to-income ratio.
- Reporting Errors: Pay reporting mistakes can also have a disastrous effect on your credit report: a late payment that was actually on time shows up as having been late, or an account that was never delinquent (and therefore has gone unreported) could be shown as having been delinquent all along. Such errors can occur because the creditor failed to report the information accurately or didn’t update the payment status.
Types Of Damages Available To You
Most people are satisfied to just put an end to the financial chaos they have been living with and return to some sense of normalcy. That is the goal, of course, but what you may not be aware of is that you may also be entitled to recover damages for the financial losses you have suffered, along with punitive damages. You may end up with a settlement that is much more than you had anticipated, and puts you in a much better financial position than you were in before the credit report errors were discovered. Here are some damages that may be recoverable:
- Financial loss: Consumer financial losses, or pecuniary losses, include credit denials, reduced spending limits, and the inability to buy or refinance a home. The argument for pecuniary loss is that the incorrect credit report prevented the consumer from obtaining credit or securing credit at a more favorable interest rate. These damages can mount quickly. For example, if the incorrect credit report prevents the consumer from obtaining more favorable interest rates on a mortgage, the damages can mount quickly. The added costs of a higher interest rate, resulting in higher monthly payments and a lower equity position, can add up to a significant sum of money.
- Emotional Distress: Consumers can sue for stress, frustration, humiliation, sleepless nights, mental distress, loss of appetite, reputation or creditworthiness damage, and family conflicts caused by inaccurate credit reporting. The jury must determine fair compensation because these damages are hard to value.
- Punitive damages: These damages are intended to punish the defendant and deter similar entities. If the defendant’s actions are “willful.” inaccurate credit reporting may result in punitive damages. This includes intentional and reckless consumer rights violations.
- Legal fees and costs:. Successful consumers can recover their attorneys’ fees and costs from the defendant under consumer protection laws.
Let Loker Law Help Restore Your Credit Score
Helping people to restore their good credit and their peace of mind is what we do best. We have helped hundreds of people like yourself solve their credit challenges, so we have a good idea of the stress and worry such issues can cause. If you have reporting errors or inaccuracies on your credit report that were filed as a result of credit fraud or identity theft, you may feel helpless and overwhelmed, but you no longer have to feel that way. It’s time to take back control of your financial future.
Call our team of experienced Glendale credit repair lawyers, and let us help you take that first step toward getting your life back. Call today for your free, no obligation consultation and discover what Loker Law can do for you!
