Credit reports can be an invaluable part of getting a job, buying a home or getting granted a loan. This is why it is so important that they display information correctly. While most of the time, credit reports will be up-to-date, there can be issues with the information displayed in them. Sometimes, these errors might cost you some great opportunities. For example, it might prevent you from being able to buy a car or get a job.
If you have experienced inaccuracies with your credit report in the state of Minnesota, it is important to know that there are certain things you can do in order to remedy the situation. In instances where you have suffered consequences because of the false credit reporting, you may even be able to take legal action.
What are the most common types of credit reporting errors?
In most cases, the inaccuracy listed in the credit report is related to the details regarding the credit limit or credit score. This can be very problematic because it can lead to people being perceived as less financially stable and responsible than they are.
What can I do about the reporting error?
As a consumer who has become victim to a credit reporting error, you are protected legally by the Fair Credit Reporting Act (FCRA). The act states that when an error is made on a credit report, the company that made the credit report has the legal duty to fix the inaccurate information.
The first thing that you should do when you notice an inaccuracy is to get in touch with the credit reporting agency and ask them to fix the issue. If they do not respond or do not cooperate with you in an appropriate way, you might want to think about ways that you can take advantage of the FCRA in order to resolve your dispute.
In order to fix the problem at hand, you may decide to file a complaint with the Consumer Financial Protection Bureau (CFPB), or you might want to take another form of legal action. It is important to fully understand your rights so that you can make the best choices.