What to do if Your Credit Report Has Errors

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Most people don’t give their credit report much thought until credit problems have already cropped up, but checking in on your credit report on a regular basis can ensure that there are no salacious errors that may be wrongly bringing your score down.

If you never take a look at your credit report, it may surprise you (and not in that “surprise party” kind of way) with information that is incorrect. The next time you need to submit your credit report for a loan or mortgage, you want to be sure that your report is accurate.

It has been discovered that many millions of Americans in fact do have mistakes on their credit reports – up to about 13% of the US population! The Federal Trade Commission reports that around 20 million Americans not only have mistakes on their credit report, but serious inaccuracies that can cause dire consequences when it comes to taking out a loan, applying for a mortgage, applying for a job, getting security clearance and getting insured.

With all of that being said, it’s hugely important for you to check your credit report at least once a year. If you do find mistakes on your report, they can be corrected.

In order to fix credit report errors, you will need to contact the credit bureau(s) that is/are reporting incorrectly. The three credit reporting agencies include: Equifax, Experian and TransUnion.

Every American has the right to receive a copy of their credit report that contains any and all information included in your report before and up to the time that you request a copy.

You are also entitled to know who, if anyone, has requested a copy of your credit report in the last year (two years if it was a job-related request.)

If, when you receive a copy of your credit report, you discover that there are any inaccuracies, like unpaid debts that you do not owe or have already paid, late payments that never occurred, etc., you will need to file a dispute.

I have no idea how to file a credit report dispute! What should I do?

If you are confused and overwhelmed at the thought of filing a dispute regarding your credit report, your best choice of action is to contact a NJ credit repair attorney near you. Look for an attorney with experience successfully dealing with credit report problems in the past. Many times these attorneys also deal with bankruptcy and loan modifications, because these issues are all interrelated.

If you are also interested in raising your credit score, ask your NJ attorney what you can do to increase your score after the errors are addressed. Your credit score is a very important number for many reasons, and you should aim to keep it as high as possible (above 700 ideally) so that you can accomplish the financial goals that you may have set for yourself, like buying a home and a car. For more information about your credit score and how we can help, contact Veitengruber Law for a free consultation meeting.

Image Credit: Sara V. (flickr)

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9 Responses to What to do if Your Credit Report Has Errors

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