Credit Report Errors
Do you have errors on your credit report?
A new study done by the Federal Trade Commission on the United States credit reporting industry revealed that 5% of consumers had incorrect credit reports from three major credit reporting agencies. These mistakes could lead to consumers paying more for products such as auto loans and insurance. It was shown that one in four consumers had errors on their credit report that could affect their credit scores. One in five consumers had an error that was fixed by a credit reporting agency after it was disputed. The study found one consumer had a maximum credit score change of more than 100 points after reviewing mistakes made.
In light of this study, consumers should access their credit report and ensure that their spending and payment history is accurate. Consumers can check their credit for free without affecting their score at annualcreditreport.com.
You should also read our earlier post: How to raise your credit score for free!
Attorneys in Mineola
Call the Law Firm of Vaughn, Weber & Prakope, PLLC, at 516-858-2620, if you would like us to assist you with disputing items on your credit report or taking action against any of the credit bureaus.
This is information that we provide to our bankruptcy clients, but others may find it useful as well.
First, beware of credit repair companies that claim they can magically erase derogatory entries from your report. No one can erase derogatory information from your credit report if the information is accurate and properly reported. However, if there is old or inaccurate information on your credit report, you can correct it yourself for free. Here is how:
A few months after your bankruptcy case is discharged, you should obtain a copy of your credit report. You can obtain a free credit report every twelve months by going to www.annualcreditreport.com or call 1-877-322-8228.
You should examine your credit report tradelines and dispute any improper or inaccurate entries. You should note any of your discharged debts that are being reported as something other than “discharged” (ask your bankruptcy attorney how specific pre-filing and discharged debts should be reflected on your credit report).
Your dispute can be filed online or in writing. Your credit report will contain detailed instructions on how to dispute inaccurate/improper information. The credit bureau will conduct an investigation and should remove the incorrect information. This, in turn, should have a positive impact on your credit score!
As always, The Law Firm of VAUGHN & WEBER, PLLC is here to assist you. We are conveniently located in the heart of Nassau County, Long Island. Contact us at (516) 858-2620 to arrange a Free bankruptcy consultation.
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