If you’re like most American adults, you care greatly about your credit score. That’s why finding a mistake that lowers your credit score can be devastating. However, many are unaware that certain errors can impact your credit score more than others. As such, familiarizing yourself with these matters is critical to ensure you know what to look for when checking your report. The following blog explores what you should know about these credit report mistakes and how a Los Angeles, California inaccurate account information disputes lawyer can assist you through these times.
What Credit Report Mistakes Are Most Common?
There are two categories of credit reporting errors consumers most often see on their reports. It’s important to understand what these look like so you can check your report to ensure there are no errors that can impact your financial future.
The first form of error is account reporting mistakes. These refer to any inaccuracies surrounding the information listed on your credit report. For example, you’ll find that false late payment dates, duplicate accounts, and listing closed accounts as open can all hurt your credit score.
On the other hand, you’ll find that incorrect or outdated information regarding your personal information can also impact your finances. This includes misspelling your name, failing to update your address after moving, or even mixing up your credit report with another person with a similar name.
Will Some Errors Impact My Score More Than Others?
Generally, you’ll find that account reporting errors will impact your score. However, the impact they have on your score will depend heavily on the mistakes and how high your credit score was before the false information was added. For example, if a late payment is inaccurately added to your account, it can drop your score by up to 37 points for a fair score and up to 83 for an excellent score. As such, if this is inaccurately listed twice, the impact on your credit score can be devastating.
You should also know that inaccurate personal information will not impact your score. However, this information should be remedied as it may inhibit your ability to obtain loans. When the information on your application does not match what is in your credit report, lenders are likely to turn you down.
If I Find an Error, What Should I Do?
When you find a mistake on your credit report, understanding your legal options is critical. The first thing you should do is file a dispute with the agency that has incorrectly reported the information. You’ll need to print out a copy of your credit report, highlight the incorrect information, explain why it’s wrong, and attach evidence to support your claim. After mailing the dispute in, the agency has thirty days to conduct an internal investigation and issue a decision.
If your report goes ignored or unremedied, understanding your legal options is critical. You should connect with an experienced consumer attorney who can fight for your rights. because of the role your credit score plays in your life, the team at LA Legal Solutions is dedicated to helping you receive justice. Connect with us today to learn how we can help you during these challenging times.
