Why Is There an OFAC Alert on My Credit Report?

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When you are checking your credit report, you may be confused to find there is an OFAC alert on your credit report. Not only can this impact your ability to receive loans from financial institutions, but it flags you as a nefarious criminal! As such, ensuring you are able to have this remedied and removed from your credit report as soon as possible is crucial and should not be delayed. The following blog explores what an OFAC alert is and how a Los Angeles, California inaccurate account information disputes lawyer can help you fix this egregious mistake.

What Is an OFAC Alert?

The OFAC is the Office of Foreign Asset Control, which is a section of the United States government. However, this entity places sanctions on nefarious individuals, such as terrorists and drug traffickers. As such, this is not a list you want to be associated with.

If there is an alert on your credit report, your name has been identified and flagged by this office. As such, you will be placed on a Specially Designated Nationals (SDN) list. If your name is on this list you will be denied loans and cannot buy or sell within the United States. Though this office is essential to keeping the country safe from those who wish to inflict harm within the country, it can be horrible for individuals identified as the result of an error or mix-up.

What Should I Do if the Alert Is False?

If you find an OFAC alert on your credit report, it’s essential to remain calm but take swift action to remedy the issue. The first thing you should do is check the SDN list. If your name is not on the list, you can rest assured that this is an error on your report. If the information on the list is wrong, such as spelling your name incorrectly or listing you as the incorrect gender, the report is most likely false.

When information on your credit report is incorrect, taking the necessary steps to remedy these errors is vital. It is your right as a consumer to file a dispute with the credit reporting agency to have this information removed from your account.

If this inaccuracy is on your report, you likely suffered severe damage to your credit score. As such, you may be able to recover compensation for the damages you’ve experienced as a result.

At Los Angeles Legal Solutions, our dedicated legal team understands how devastating it can be to discover inaccuracies on your credit report, especially when they label you as a criminal. As such, our team can fight to have this error removed from your report. Contact us today to learn how we can help you during these challenging and confusing times.

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