Finding incorrect credit information on your credit report can be confusing and devastating. If you are attempting to take out a loan or make a significant purchase, your credit report will be examined. If there are errors on the credit report, you could be denied. While this is disheartening to begin with, it is even more so when you realize that the errors on your credit report are there because of false reporting or identity theft.
Whether you have found errors on your report because you plan on making a large purchase or because you have been the victim of identity theft, you likely went through the process of fixing those errors with the credit companies and main credit bureaus. It is tedious and time-consuming, so getting back positive results is desired. Unfortunately, there are times when credit report errors are not resolved after reporting them to the credit bureaus. Thankfully, you do not have to be stuck with credit errors on your report.
There are next steps you can take to resolve the errors on your credit report.
Understanding Credit Report Errors
Credit report errors can have a significant impact on your financial well-being. These errors can occur for various reasons, such as incorrect information provided by furnishers, identity theft, or mistakes made by credit bureaus. It is essential to understand the types of errors that can occur on your credit report and how to identify them.
Some common credit report errors include:
- Inconsistent names, addresses, or Social Security numbers
- Incorrect credit account information, such as account numbers, balances, or payment history
- Unauthorized inquiries or accounts
- Inaccurate public records, such as bankruptcies or foreclosures
- Missing credit accounts or positive payment history
The Importance of Resolving Errors
Resolving errors on your credit report is crucial to maintaining good credit health. Errors can negatively impact your credit scores, making it difficult to obtain credit or loans. Additionally, errors can also lead to identity theft, which can have severe financial consequences.
It is essential to review your credit report regularly to identify any errors or inaccuracies. You can request a free credit report from each of the three major credit bureaus (Experian, TransUnion, and Equifax). If you find any errors, you should dispute them immediately to prevent any further damage to your credit.
By addressing errors promptly, you can ensure that your credit report remains accurate, which is vital for securing favorable interest rates on loans and credit cards, and for protecting yourself against potential identity theft.
Make Sure You Have Filed the Correct Credit Report Error Claims
A simple way that could be stopping your credit report from being fixed is because the wrong information was filed with the credit bureaus or the information was filed incorrectly. The first thing you must do is contact the businesses involved with the incorrect credit information on your credit report. When doing this, it is essential to supply evidence of the incorrect information and the correct information that should be there. If loans were opened in your name by an identity thief or a business is still reporting bankruptcy after its allotted time, you must provide the information stating that those claims are incorrect.
Additionally, you must send this same information to the three main credit bureaus. Once you send your credit information to both the credit bureau and the organizations that supply information to the bureau, they must open an investigation to see what is wrong or incomplete about your report. The credit bureaus have 30 days to conduct their investigation.
Send Your Information To:
Equifax
Online at Equifax.com
By Mail:
Equifax Information Services LLC
P.O. Box 740256
Atlanta, GA 30348
Experian
Online at Experian.com
By Mail:
Experian
P.O. Box 4500
Allen, TX 75013
TransUnion
Online at TransUnion.com
By Mail:
TransUnion LLC Consumer Dispute Center
P.O. Box 2000
Chester, PA 19016
Tracking Your Dispute Status
Once you have submitted a dispute to the credit bureau, it is essential to track the status of your dispute.
You can do this by:
- Watching your mail and email for responses
- Logging into your account on the credit bureau’s website
- Contacting the credit bureau’s customer service department
- Checking your email for updates on the dispute status
It is crucial to keep records of all correspondence with the credit bureau, including dates, times, and details of conversations. This documentation can be invaluable if you need to escalate your dispute or provide additional evidence. Staying organized and proactive in tracking your dispute status will help ensure that your case is handled efficiently and effectively.
Obtain Your Credit Report Error Claim From the Credit Reporting Agency Along With Any Other Documentation Within the Case
At any time in the investigation, you may request your statement of your credit report case. This will include all the credit information you supplied and the statement that the credit bureaus have started an investigation into the incorrect information. If you have been told that there is not enough information for your case to be finalized or that it is a weak case and the credit errors can not be corrected, you can use this statement moving forward to attempt to strengthen your case or use it as evidence that an attempt to remedy the situation was made.
Attempt to Push the Credit Report Error Case With the Credit Agency and Main Credit Bureaus
It is possible to report your incorrect credit on multiple occasions. If the businesses and main credit bureaus come back to you with no remedy, you can choose to file again. With the statements you obtained from the prior claims, as well as possibly more evidence of incorrect credit information, you can attempt to file again.
However, you might face repeated denials in your case if businesses have conducted their own investigations into the incorrect credit information and found nothing on their end, as they will send this result to the credit bureaus, who will accept it unquestionably. This might lead to multiple claim denials even after numerous attempts to remedy the information. Fortunately, there is an outcome where the businesses do not respond to the case, which will allow the credit bureaus to delete the disputed information from your credit report immediately.
If your credit report claim has been denied after multiple attempts, there is still a way to proceed.
Possible Dispute Outcomes
There are several possible outcomes when disputing errors on your credit report:
- The error is corrected, and the information is updated on your credit report.
- The error has not been corrected, but the information remains in your credit report.
- The credit bureau requests additional information or documentation to support your dispute.
- The dispute is denied, and the information remains on your credit report.
If Results Are Still Not Found, Contact a Consumer Law Attorney to File a Lawsuit
You have the right to a correct credit report under the Fair Credit Reporting Act. If your claims are being denied by the businesses and main credit bureaus repeatedly, you do not need to accept that outcome. Individuals must ensure their personal details are consistent when applying for credit and rectify any inaccurate or incomplete information as mandated by the Fair Credit Reporting Act. You are protected as a consumer to fight for your credit report to be correct and represent you fairly.
If you are not getting the results you want, it is time to contact a consumer law attorney to help build your case and be heard by the businesses you are reporting to. A consumer law attorney can ensure that all the documentation and information you are sending over is correct, add any essential information to the case, and represent you in your credit report claim. Partnering with a consumer law attorney will help uphold your rights under the Fair Credit Reporting Act and push for your credit report to be resolved.
Don’t let your credit report remain incorrect for any longer. If you need to take it further, contact the team at Stecklein Robertson Law.