If you’re like most Americans, you understand that your credit score is important but may not know how to access or read your report. Unfortunately, this may make you more susceptible to mistakes appearing on your account, as it’s critical to stay on top of your report to ensure the information is correct. As such, you may wonder whether or not some credit report errors will impact your credit score more than others. This blog explores the most common problems consumers see on their accounts, how they can impact you, and why you should connect with a San Diego County credit reporting error lawyer to explore your legal options.
What Are the Most Common Credit Report Errors?
Generally, there are two common forms of credit reporting errors – mistakes about your accounts and incorrect personal information.
Mistakes regarding your personal information often include outdated addresses, misspellings of names, or mixed-up phone numbers. Similarly, you may find that you have the same or a similar name as another person, causing your credit reports to become mixed up.
On the other hand, incorrect account status can include outdated or wrong information regarding your loans and accounts. This includes reporting accounts as delinquent and closed accounts reported as opened or listing duplicate debts.
Are Some More Impactful?
In general, having incorrect or outdated personal information won’t directly hurt your credit score. This is because things like the spelling of your name and your address do not have an impact on your score. However, it’s important to understand that these errors may impact your ability to take out loans. This is because the information on your credit report may not match what’s on your application, which can lead to a denial.
On the other hand, when you are the victim of identity theft, or there are duplicate accounts listed on your report, they can directly impact your credit score. Unfortunately, if a payment is reported as late, it can drastically decrease your score, as this accounts for 35% of your credit.
What Should I Do if I Find Errors on My Credit Report?
If you discover a mistake on your credit report, you may feel helpless. However, there are steps you can take to file a dispute through the credit reporting bureaus to remedy the error on your account. The first thing you should do is connect with an experienced attorney who can help you through this process.
Generally, you must print out a copy of your credit report and highlight the incorrect information. You must then explain why the information is incorrect and what the correct details should look like. In addition, you must attach proof of the error. Once complete, you should mail the dispute as certified mail to receive a receipt proving the bureau received your letter. They then have thirty days to investigate the error.
Unfortunately, this process can be overwhelming. In certain instances, you may find that the agency doesn’t respond or deems the information correct, leaving you unsure how to proceed. Luckily, the team at Barthel Legal is dedicated to helping consumers handle unfair situations. Connect with us today to learn how we can fight for you.
