How to Deal with Credit Report Errors
by Ruby Hawk on Jun 15, 2009 with 25 Comments
If you have errors on your credit report you do have some recourse. Now you can sue for damages and if you win the credit bureau has to pay your lawyer. Stick to the rules and keep all important documents.
Consumers are allowed two credit reports each year from the three Major Credit Ureas, Experian, TransUnion, and,Equifax. And illogical as it may seem, a government survey in 2007 showed that just 58% of consumers have ever checked their credit report, and fewer than half of those have checked it in the past year. It is said all three credit bureaus are notorious for keeping faulty records and will do little to correct alleged errors. They are known to reduce a consumers complex dispute letter and supporting documents to a two or three digit code.
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“One of the biggest questions out there is how accurate our credit reports are and what is the incidence of error?” said Rebecca Kuehn, the FTC’s assistant director of privacy and identity protection. Kuehn said the FTC doesn’t know how often one consumers credit information gets mixed up with another one. But it usually happens when the social security numbers or names are similar. That is an area of grave concern , Kuehn said.
When Credit Bureaus refuse to correct errors, the Fair Credit Reporting Act allows consumers to bring suit to enforce the law and collect damages and attorney fees. It seems it’s not widely known that you can bring suit to correct a credit error.
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Robyn Mueller said she didn’t know the Fair Credit Reporting Act allows consumers to sue until she shared her credit problems with a friend who suggested she find a lawyer. Mueller hired an Atlanta attorney, Steven Koval who specializes in credit issues. Mueller had documented all her efforts to correct the error of Equifax, which Koval said was the correct thing to do. Equifax untangled Muellers credit file after the suit was brought against them, the case is still pending to recover damages.
There are some things you can do to protect your credit. Review your credit report. It’s up to you to identify any errors. Georgians are entitled to two reports from the three major credit bureaus.
Go to: www.annualcreditreport.com or call 877 322 8228
Dispute any errors. Do it in writing and send it to the bureau by certified mail with a return receipt requested. Do not file through the bureau website.
Notify the lender and file the dispute with the credit bureau. Doing so will preserve the right to sue for damages under the Fair Credit Reporting Act if the error isn’t fixed.
Provide evidence, such as canceled checks or a letter from the creditor showing the balance was paid in full.
Complain to regulators. Go to: www.ftc.gov or call 877 382 4357
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Hire a lawyer if the bureau refuses to correct the error. The law allows the lawyer to collect their fee from the credit bureau if you win the case. Lawyers can be found through the National Association of Consumer Advocates at; www.naca.net
for more information go to: www.ftc.gov/bcp/edu/pubs/consumers/credit/cre21/pdf
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Published in: Consumer Information
JoseI | Jun 15, 2009 | Reply
nice write.
Eunice Tan | Jun 15, 2009 | Reply
I have not experienced Credit Report Errors, and I hope I will not experience it. However thanks for the informations.
101 | Jun 15, 2009 | Reply
Ruby, this is a great article for all of us to kow. Unfortuantly it happens more than we think and to have this helpful piece is one less step you would have to take. great article, Always,Gary La Buda
Mr Ghaz | Jun 15, 2009 | Reply
Wow!!..very2 informative and well written piece..this is great infos and advices..helpful too..Thanx for this wonderful work..I LOV it
James DeVere | Jun 15, 2009 | Reply
Sound like a nightmare! Although I did get my cc skimmed – don’t let your too much out online!
Love you Rubes! j
clay hurtubise | Jun 15, 2009 | Reply
Ruby, this is another good, helpful piece.
Thanks,
Clay
Jenny Heart | Jun 15, 2009 | Reply
Very good information all people need to read and take special notice about. Great writing!
JoseI | Jun 15, 2009 | Reply
Nice job.
Duff D Moss | Jun 15, 2009 | Reply
You are a fountain of knowledge. I wonder if we have the same recourse here in Oz. Probably not.
Joe Dorish | Jun 15, 2009 | Reply
Good info Ruby
Christine Ramsay | Jun 15, 2009 | Reply
I think it is dreadful that organisations like that can cause so much misery because of their errors. Thank you for the information.
Christine
Alexa Gates | Jun 15, 2009 | Reply
good stuff to know!! Great article!
CHAN LEE PENG | Jun 15, 2009 | Reply
I agree to Christine. It’s glad that you share this with us. Give you “liked it”
Sheila M | Jun 15, 2009 | Reply
Thanks for sharing Ruby!
Poetic Enigma | Jun 15, 2009 | Reply
Good stuff to know, if I ever get in that situation, thanks for sharing. Great write
Sandra A Flowers | Jun 15, 2009 | Reply
a very interesting a great article!!
PR Mace | Jun 15, 2009 | Reply
Excellent advice. I will add this one to my favorites list.
JK Kristie | Jun 16, 2009 | Reply
Very helpful post.
Unofre Pili | Jun 16, 2009 | Reply
a very nice advice maam.
Ruby Hawk | Jun 16, 2009 | Reply
Thank you my friends for your interest and comments.We need to know how to deal with credit report errors if it should happen to us. Many people every year have difficulty that takes years to fix. Let’s cross our fingers it doesn’t happen to us.
NA Staffieri | Jun 16, 2009 | Reply
A great article to spread awareness.
Thanks, Ruby.
swatilohani | Jun 17, 2009 | Reply
a [perfect piece
Nicholas Kenney | Jun 17, 2009 | Reply
Thank you Ruby, I didn’t know this.
Francy | Jun 17, 2009 | Reply
great article…it’s good to know
CutestPrincess | Jun 21, 2009 | Reply
You give some very wise advice in your articles. Good work.