If you find a credit report error, it can be upsetting. However, it’s important to understand that these are, unfortunately, not uncommon and negatively impact many consumers. As your credit report plays a big role in your finances, where you live, and even what kinds of jobs you can secure, understanding how these problems happen, the most common mistakes that can affect your report, and why connecting with a Los Angeles, California inaccurate account information disputes lawyer is in your best interest for these matters.
How Does a Credit Report Error Happen?
Because your credit report plays a large role in your life, you may assume that errors on these reports are uncommon. However, this is far from the truth. In reality, studies estimate that anywhere from around 50-79% of credit reports contain inaccurate information. This is concerning, as your credit report is directly responsible for determining whether or not you are approved for car loans, mortgages, apartments, and even employment.
Credit reporting errors occur most often as a result of human error. If the creditor supplies the credit reporting agency with incorrect information, it can be put on your report. Even if the creditor provided accurate details, you’ll find that the individual responsible for inputting the information on your account can make an error, such as typing the wrong number or inputting the wrong date.
You’ll also find that identity theft can be the cause of incorrect information on your credit reports. If someone opens an account in your name, that information can appear on your report despite the fact you never authorized it.
What Are the Most Common Mistakes?
Generally, two forms of reporting errors can appear on your report. These involve inaccuracies with personal information and account information. Errors regarding your personal information, like a misspelling of your name, including the wrong address, or an incorrect social security number, generally do not lower your credit score. However, you may be denied loans if the information on your application doesn’t match what’s on your credit score.
The other kind of error that may impact your credit report revolves around your account information. For example, if there are multiple listings of the same account, misreporting a loan as delinquent, forgetting to input a payment, or incorrectly reporting an account as delinquent, you’ll find that your credit score can drop and you may be denied loans as a result.
If you find an error on your account, you’ll need to file a dispute with the credit reporting agency. To do so, you’ll highlight the incorrect information and include evidence that shows the inclusion of the information is incorrect.
Filing a dispute can be complicated, as the agency may deny the claim. Additionally, you may have suffered damages as a result. As such, you can connect with the team at Los Angeles Legal to discuss your options. Our firm will work diligently to help you receive the best possible outcome for the damages you’ve sustained because of the credit reporting agency’s negligence. Connect with us today to learn more.
