When you find a mistake on your credit report, it can be incredibly frustrating to navigate. If you have been negatively impacted by an error on your credit report, it’s important to understand that you do not have to bear the burden of the damages you’ve endured. If this reflects your circumstances, it’s in your best interest to keep reading to learn how a Los Angeles credit report lawyer can help you fight for compensation. You’ll discover how mistakes happen, the impact they can have, and what actual damages you can seek for credit errors on your report.
What Impact Can Mistakes Have On My Credit Score?
When you find an error on your credit report, understanding the impact it can have is important to ensure you take the necessary steps to remedy the issue. Generally, errors fall into one of two categories – personal information errors or account information errors. Erroneous account information often does not directly impact your credit score, as it is typically held to outdated addresses, incorrect social security numbers, and misspelled names. However, this information can still result in being denied loans, as the creditor may notice that the information on your report and application do not match. In some instances, a complete credit mix-up can occur, in which your credit report is switched with that of someone else’s. Typically, the other party will have a similar name or social security number.
Incorrect information regarding your account will directly impact your credit score. Typically, things like listing accounts twice, false bankruptcy filings, including discharged debts, or reporting on-time payments as late will negatively impact your credit score.
Can I Fight For Actual Damages for Credit Errors in California?
If you have been impacted by incorrect information on your credit report, it’s important to understand when you can seek compensation for incurred damages. Typically, in order to file a lawsuit against a credit reporting company for the inclusion of false information on your credit report, you must be able to prove that they were in violation of the Fair Credit Reporting Act (FCRA) or other consumer protection laws.
By proving that consumer law was violated, you can seek damages. While violations of various laws warrant statutory damages, it’s imperative to understand that you can fight for actual damages. These represent monetary losses suffered as a result of the other party’s negligence. For example, if you were denied a loan or approved for one with astronomical interest rates, actual damages can compensate you for these monetary losses. Similarly, if the stress of the error on your report resulted in you needing medical care, you can file a claim for hospital bills. Finally, you can seek compensation for emotional damages sustained due to the errors.
As you can see, there are many considerations you should make when navigating a claim against a credit company for errors that lead to damages. Because these matters can be incredibly complex, it’s in your best interest to contact an experienced credit report error attorney with Los Angeles Legal Solutions. We understand how difficult these matters can be, which is why we will do everything possible to assist you in these situations. Contact us today for more information.
