Fighting back against inaccurate credit reporting

On Behalf of | Jul 29, 2019 | Firm News

In the modern world, everyone must maintain their credit score to navigate many areas of their personal and professional lives. When negative marks make it onto a person’s credit report, their score may drop significantly, keeping them from qualifying for many opportunities to borrow funds, find housing or even find employment.

Inaccurate information in a person’s credit report may mean that this person may suffer serious unfair consequences. If your credit report contains inaccurate information, then your credit score may be much lower than it should be. It is always wise to review your credit report at least yearly, to identify any inaccurate credit reporting and remove it before it can cause you any personal or professional harm. A strong legal strategy and grasp on the credit reporting system can help you preserve your credit score and improve it efficiently.

Identifying errors

Obtaining your credit report is simple, but can still feel daunting. This feeling is normal, but it is important to review this information carefully. It is one of the best ways you can protect yourself and your rights in the modern age. Once you obtain your credit report from any of the major reporting agencies, look it over carefully to identify three types of potential errors.

These include:

  • Identity theft and other types of fraudulent accounts
  • Faulty information in your account details, such as inaccurate credit limits
  • Faulty identity information

Of course, we all may experience identity theft over time, and most financial institutions have internal tools to protect against identity theft and help restore victims. However, faulty information in an account may lead to unfair negative marks, and inaccurate identity information may shoulder you with the financial choices of someone else entirely.

Contacting reporting bureaus and creditors

If you identify any errors in your report, you should begin by reaching out directly to the credit bureau that supplied it. The bureau may be able to resolve the issue, as long as you make a solid case for the faulty nature of the information. In general, this requires providing clear documentation of the discrepancy.

You may also find success contacting the creditor responsible for supplying the bad information. While this is not always an easy negotiation, creditors often remove bad information from their reporting with proper motivation.

The longer you wait to resolve your credit reporting issues, the longer you suffer the unfair consequences of a bad credit score, and the longer your score may take to recover. For best results, begin fighting your inaccurate report as soon as possible, using legal resources in Minnesota to keep your rights and priorities secure.

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