Credit Report Issues (Fair Credit Reporting Act – FCRA)
Your credit report plays a critical role in your financial life. Lenders, landlords, employers, and insurance companies often review your credit history when making decisions about you. This means errors in your report can lead to unfair denials of credit, higher interest rates, or lost opportunities. Our consumer protection law firm focuses on helping people address credit report issues and assert their rights under the federal Fair Credit Reporting Act (FCRA) – a law that guarantees you the right to fair and accurate credit reporting.
Understanding Credit Reports and the Credit Bureaus
A credit report is essentially a summary of your personal credit history – including identifying information (like your name, address, Social Security number) and records of your credit accounts, loans, and payment history. There are three major nationwide credit reporting agencies (CRAs), commonly known as credit bureaus: Experian, Equifax, and TransUnion. Each bureau maintains its own file on you, so you actually have three credit reports (one from each bureau).
How is information compiled? Banks, credit card companies, lenders, and other businesses (often called “furnishers” under the FCRA) send information about your accounts to these bureaus on a regular basis – typically every month. For example, your credit card issuer will report whether you paid on time, your current balance, etc. The credit bureaus collect and update this information continuously to build your credit history. It’s important to note that not all creditors report to all three bureaus, so the details on your Experian report might differ slightly from those on your TransUnion or Equifax reports.
Your credit report will also show things like inquiries (when someone checks your credit) and public records such as bankruptcies. The information in these reports comes directly from your creditors and reflects how you’ve handled your debts over time. Because so many important decisions rely on credit reports, it’s crucial that the information be accurate. Unfortunately, mistakes and inaccuracies do happen.
Common Credit Reporting Errors
Given the vast amount of data in credit reports, errors are more common than you might think. Some mistakes are minor, but others can seriously damage your credit score or reputation. Below are some of the most common credit reporting errors we see:
Take Action – Get Help with Credit Report Errors
A flawed credit report can feel like an overwhelming problem, especially when you’ve been unfairly turned down for a loan or job because of it. Remember: you have rights and options under the FCRA. If you believe your credit report contains mistakes or wrongful information that’s harming you, our firm is here to help. We encourage you to reach out for a consultation – our consumer protection attorneys can evaluate your situation, explain your rights, and guide you through the steps to fix the issues.
Don’t let unresolved credit report errors continue to damage your financial well-being. Whether it’s negotiating with the credit bureaus, assisting with disputes, or aggressively litigating on your behalf, we will work to hold the reporting agencies and furnishers accountable.
If you spot any of these errors – or other mistakes like duplicate accounts, typographical errors in your personal information, etc. – it’s important to take action to correct them. By calling us at (757) 930-3660 or Contact us Here for a Free Case Review.