Despite their essential nature and role, you may be shocked to learn that many credit reports contain errors. Unfortunately, these mistakes can severely impact your ability to secure loans, housing, and in some cases, employment opportunities. Understanding what credit reporting inaccuracies are most common can help you look out for errors. Keep reading to learn which most comply impact consumers and discover how a Los Angeles, California credit report lawyer can help if you’re experiencing issues.
What Credit Reporting Inaccuracies Are Most Common?
Generally, there are three common errors made on credit reports. Undoubtedly, the most frequent error is finding incorrect accounts listed on a credit report. This includes lines of credit and loans taken out in your name that you never opened or authorized. While this could be a sign that you’ve experienced identity theft, it can also be an error on the reporting bureau. If there is another person’s information on the report, it’s likely the reporting agency mixed up your information with another person’s.
Similarly, you may discover that there are account reporting mistakes. These include inaccurate information about payment dates, account balances, when the accounts were opened or closed, and reporting discharged debts on your report, among other errors.
Finally, you may discover that the personal information on your account is incorrect. Though this may not seem like a big deal when your name is spelled incorrectly, your phone number is wrong, or you are mistakenly reported as dead, it can have a considerable impact on your life.
Why Do I Need to Remedy Them?
Though remedying this information may not seem like it needs to be a priority, failure to fix these issues can have significant impacts on your life. For example, if you are assigned an account that belongs to another person, they may be behind on their payments. However, as it’s on your report, their missed payments will decrease your credit score. Similarly, if there is a reporting error that lists you as filing for bankruptcy despite never undergoing the process, it can destroy your credit.
When your credit is poor, it is likely your applications for loans will be denied. On a similar note, if there is inaccurate personal information, you may find it more challenging to obtain employment or pass a background check since the details do not match what you provided.
If you’ve detected an inaccuracy on your credit report, knowing how to proceed is vital. You must contact the credit reporting agency to remedy the information. If they do not help or refuse to amend the error, you’ll need the assistance of an experienced attorney from LA Legal Solutions. Our dedicated legal team understands how detrimental these mistakes can be to your credit score, and as such, we are dedicated to helping you through this complicated process. Contact us today to get started.