As a consumer, your credit report can dictate a significant portion of your life. From whether or not you can lease a new car to where you live, the information on your account has a lot of influence. As such, it’s important to check your credit report frequently to ensure the information listed is correct. However, you may not know how often you should review this information. The following blog explores what you should know about these instances and how a Los Angeles, California inaccurate account information disputes lawyer can assist with any issues regarding your credit report.
Why Should I Review My Credit Report?
Reviewing your credit report is an important part of ensuring the details listed are correct. If there is inaccurate personal or financial information, it can impact your ability to secure a loan.
In many instances, if you do not check your credit report regularly, you may not know whether or not the information on your account is accurate. For example, listing the incorrect balance on the account, classifying closed accounts as open, or incorrectly reporting that you’ve made a late payment can impact your credit score. Failure to identify and remove the information can lead to the denial of loans.
While incorrect personal information will not impact your score directly, if your name, address, date of birth, or social security number do not match what’s listed on your report, you can be denied due to the discrepancies.
When Should I Check My Credit Report?
Many only check their credit report before applying for a loan, which can pose delays if there is inaccurate information on your account. Additionally, others apply after they’ve been denied, as this can make them curious about what details on their report can lead to a rejection of their loan application.
By law, the three major credit reporting bureaus are each required to provide consumers with one free copy of their credit report per year. As such, you can review all three at once or request one copy every four months. Choosing to spread out the reports gives you a better chance of catching mistakes sooner rather than later. However, you should review your accounts, at the very least, once per year.
It’s important to understand that reviewing your report is considered a soft inquiry. As such, it will not impact your credit score like a hard inquiry from a lender would.
If you notice an inaccuracy or inconsistency on your credit report, ensure you take the necessary steps to request the removal or remedy of the information is crucial. By filing a dispute, the credit reporting agency has 30 days to investigate and fix or deny the dispute.
At Los Angeles Legal Solutions, we understand how frustrating it can be if your credit report dispute goes ignored or unfixed despite having proof of the error. That’s why our team is dedicated to helping you through these circumstances. Our firm knows how important your credit score is, so we will fight for your rights if an inaccuracy is impacting your life. Contact our team today to schedule a consultation to discuss the details of your case.