A simple typo can wreck your credit

Those of us in the Twin Cities metro who spend significant portions of our workdays on computers know how easy it is to misspell even the simplest words. Typos are simply an unavoidable part of typing. While autocorrect features and old-school copy editing will catch most typos, the vast majority of these minor errors are inconsequential. There is one major exception, however: typos on credit reports.

Wreaking havoc

A typo on your credit report can wreak havoc, requiring you to pay higher interest rates, and even causing you to be rejected for a mortgage, car loan or a credit card.

Unfortunately, typos and other errors on credit reports are not uncommon. Three out of five people have inaccuracies on their reports, a recent article stated.

Know your rights

It is also unfortunate that most people are not aware that they have the right to have inaccuracies removed from their credit report. The Fair Credit Reporting Act (FCRA) says that if inaccurate information is in your file, you can notify the credit reporting agency of the disputed information. The contested information must then be investigated, the law says.

If the agency doesn’t fix the error, you have the right to demand and get a correction.

Other types of errors

Of course, not all credit report errors are simple typos. Other mistakes include erroneous information entered as a result of ID theft; inaccurate reporting of debt discharged in bankruptcy; and info from someone else’s credit in your report.

All credit errors are frustrating and all of them can do lasting damage to your life through no fault of your own. Contact a skilled legal professional to help you fix critical credit mistakes and regain control of your financial life.