As Americans, we use our credit to obtain motor vehicles, credit cards, home loans, appliances, store credit cards, time shares, business loans, apartments and rental homes. Nearly every aspect of our life is governed by our credit score. When there is an inaccuracy on your credit report, it can affect whether or not you get an automotive loan, a home loan, or even decent automotive insurance rates. Wrong information on your credit report can even affect your ability to get a good job.
Credit report errors can cost you a better score and they can ruin your hopes for obtaining certain loans. Nearly 80% of the credit reports in a study from the U.S. Public Interest Research Group contained inaccuracies. What's more, a quarter of them had mistakes that could trigger a denial of credit. If a credit reporting agency fails to remove inaccurate information from your credit report, you may have legal recourse against them. Legally, if there is inaccurate information on your credit report, the credit reporting agency is required to remove it.
If the credit reporting agency fails to remove the inaccurate information, then they could be sued for damages. As a seasoned Philadelphia debt collection defense attorney, I will closely review the details of your situation and I can inform you if you have grounds to file a lawsuit. As a debtor, you have legal rights, and it's my personal mission to see to it that the integrity of your credit report is fully protected and kept in good standing.
Is Your Credit Score Being Reported Accurately?
In the United States, we use three major credit reporting agencies: Transunion, Experian and Equifax. Although each of these credit reporting agencies differ slightly, all three of the credit reports contain the same basic information. Your credit report is extremely important and it has an effect on many aspects of your life. Your credit report contains personal identifying information about where you live, how you pay your bills, if you have ever filed for bankruptcy and whether or not you have ever been sued or arrested. These credit reporting agencies sell the information in your credit report to creditors, insurers & employers.
These parties then use your personal information to evaluate your applications for credit, insurance, employment, and even renting an apartment or home. The federal Fair Credit Reporting Act (FCRA) promotes the accuracy of the information that is contained within American's credit reports. Most financial advisors and consumer advocates strongly suggest that consumers review their credit report periodically in order to ensure that it is completely accurate.
Contact a Debt Collection Defense Attorney at Our Firm to Address Your Concerns.
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