People rely on their credit reports for many reasons. Decisions on loan applications or apartment lease approvals might hinge on a decent credit rating. Some would-be employers might even pass on a jobseeker whose credit report looks weak. Unfortunately, not all credit reports for Minnesota residents are accurate. Mistakes happen, and the COVID-19 pandemic might result in increases in error-riddled reports.
COVID-19 and credit report troubles
False information on a credit report might not be the result of any malicious action since mistakes happen. The error might be occurring now with greater frequency because more people struggle financially. COVID-19 brought much financial hardship on people in the North Star State, likely leading many to borrow more.
Unfortunately, identity theft could also factor into false information appearing on credit reports. Someone taking out a loan under someone else’s name could cause all kinds of chaos.
Investigating one’s own report may set a course to address credit report troubles. Thankfully, the top credit reporting agencies provide free annual reports to those who request. However, reviewing the report represents only part of the process for dealing with errors.
Steps to clear up errors on a credit report
After noticing an error, the harmed party should take steps to correct the record. For example, information about a default could appear on a credit report. Likely, the requests would require submitting proof. Some might provide clear evidence contradicting negative information, but attempts to correct the record might not occur.
Filing a lawsuit might be a viable option when a responsible party or a credit agency doesn’t correct the record. Consumers could have legal options available to them in such instances.
Legal options may exist for those dealing with annoying inaccurate credit reporting. Those struggling to correct the record could contact an attorney.