Despite the significant role your credit report plays in your life, many are often riddled with errors. As a result, you may find your credit score can drop, you may be denied loans, and you can even be rejected for housing. It’s important to understand how these credit report mistakes happen and the most common errors you should be on the lookout for. The following blog can help familiarize you with these issues and how a San Diego County credit reporting error lawyer can assist you if you find a mistake on your report.
How Do Credit Report Mistakes Happen?
Though it seems unlikely that an error would appear on your credit report, these are much more common than you may think. Some estimate that anywhere between 50% and 79% of credit reports have errors on them. While this is a large range, it’s important to understand that it’s in your best interest to check your credit report frequently for errors and signs that could impact you.
Credit report errors can happen for several reasons. Most commonly, they are the result of human error, as the individual responsible for inputting the information on your report may accidentally type the wrong numbers or mix your file with another person’s. Additionally, if they are supplied incorrect information by the creditor, it can result in an error reflected on your account. In a similar vein, mistakes can happen if your personal details are never updated, like your address or phone number.
You may also find that errors can occur because of identity theft. If someone uses your information to take out a loan, for example, it will appear on your report despite the fact that you never authorized the event.
What Are the Most Common Errors?
Generally, there are two common kinds of errors you will see on your credit report. The first is incorrect information regarding your personal information, like reporting an incorrect address or phone number, mixing your report with that of another person, or including information that is the result of identity theft.
The other kind of mistake you are likely to see on your account are errors regarding your accounts. This includes reporting accounts you have closed as open, misreporting accounts as delinquent, including incorrect late payment dates, or listing the same debt multiple times.
If you find an error on your credit report, you can file a dispute with the agency to have the error remedied. You’ll need to provide a considerable amount of information to have these matters handled.
In the event you’ve suffered as a result of this incorrect information like being denied a loan or housing, or the agency refuses to fix the error despite filing a dispute, it’s imperative to connect with an experienced credit reporting agency. At Barthel Legal, we can assist you with these matters. Contact our team to schedule a free consultation.
