Your credit report matters. It can affect your ability to secure loans, obtain favorable interest rates, and sometimes even impact your job prospects. Beyond that, landlords and utility companies may check your credit report when deciding on the terms of a lease or whether to require a deposit. You should not be held responsible for an error on a credit report. At The Kim Law Firm, LLC, we protect consumers. In this article, our credit reporting errors attorney highlights four steps to take to fix the problem and to get justice.
Step #1: Obtain a Copy of Your Credit Reports
As a starting point, you need to know what exactly your credit report(s) say. You should request free copies of your credit reports from the three major credit reporting agencies. The agencies are:
- Equifax;
- Experian; and
- TransUnion.
Every U.S. consumer is entitled to a free credit report from each agency once per year through the official website. AnnualCreditReport.com. You should review each report carefully for inaccuracies.
Note: Other services promising free credit reports are not official. Use AnnualCreditReport.com.
Step #2: Dispute Inaccurate Information With the Credit Reporting Agency
If you find any error on any specific credit report, you have the right to dispute it. You can dispute the error online or over the phone. It is important to dispute the error with each credit reporting agency that is reporting the inaccurate information separately. Each agency operates independently and does not always share dispute information with one another.
Step #3: Gather and Submit Supporting Documentation
You should gather and prepare all documentation that you have that is related to the error(s). Some of the most common examples of relevant information. Include bank statements, letters, or emails verifying account status and other legal documents. You should send copies—not the originals—to each of the credit agencies. Further, you should generally send a detailed letter that includes your name, address, the items being disputed, and a request for correction.
Step #4: Take Legal Action Against the Responsible Party
The Fair Credit Reporting Act (FCRA) is a federal law that regulates how consumer reporting agencies use your information. It ensures the accuracy, fairness, and privacy of the information in consumer reports. Beyond that, the FCRA provides remedies to consumers who have been harmed by an error on a credit report. You can seek financial compensation from the at-fault party if you sustained actual damages from the result of a credit report error. Some examples include:
- Denial of credit;
- A higher interest rate on a mortgage loan;
- The loss of an employment opportunity;
- Denial of an apartment; and
- Major emotional distress.
We Help People Challenge Credit Reporting Errors
At The Kim Law Firm, LLC, our consumer protection attorney has the knowledge, skills, and experience you can rely on. If you have any questions or concerns about credit reporting errors, we are here to help. Contact us today for a free, fully confidential consultation. We are committed to fighting for justice for people and families.