How Credit Misreporting Can Put A Stop To Your Plans

It is finally time. Maybe your car is finally broken beyond repair or your growing family means you have to move. You take the right steps to get preapproved for a loan before you shop, only to find out that something is wrong. Really wrong. A years-old debt marked as unpaid and your credit score plummets. What do you do?

Millions of American consumers will experience misreported or erroneous credit reporting issues. Unfortunately, this often means that consumers spend months or years trying to repair their credit. The damage has been done. This is when you need to rely on consumer protections.

Understanding Your Rights In A Digital Economy

Our country put consumer protection laws into place decades ago, but the advent of the internet and a digital-based economy has left the law lagging behind. It can become incredibly difficult to understand how to fix these serious errors and even more difficult to get restitution.

Common issues with credit reports include:

  • Delayed or out-of-date information
  • Another person’s debt included in your report
  • Releasing information without your consent or to an unauthorized party

It is crucial that if you see an issue with your credit report, you contact the creditor with official notice. Once they are aware of the error, they have up to 30 days to fix the issue. Failure to do so means that they are in violation of the Fair Credit Reporting Act (FCRA). At that point, you may need serious legal help.

When To Get A Lawyer Involved

Continued or persistent issues with your credit report may be a violation of your rights under the FCRA. If so, you may be able to sue and to obtain substantial financial damages. If you believe you may have grounds for a lawsuit, find a reputable lawyer with experience and request that they review your case.