Schaumburg Credit Reporting Lawyers
Serving Clients Throughout Illinois
A credit score is crucial to ensuring you get the best outcome when buying a home, car, trying to obtain a job, and more. There are three major credit reporting agencies in the United States (Experian, TransUnion, and Equifax), and these companies collect information about you to sell to other parties who want to know about your loan history and other behavior. Sometimes, however, these reports are inaccurate and can lead to negative outcomes. If this has happened to you, the credit reporting lawyers at Schaumburg law firm Attorney Joseph P. Doyle can help.
Common Types of Errors on Credit Reports
Any of your identifying information can be subject to errors in a credit report. By checking your credit reports frequently (which you can do so for free via each credit bureau or at annualcreditreport.com once a year), you will be able to catch and correct potentially harmful errors sooner rather than later.
Common errors on credit reports include:
- Inaccurate entries: Credit bureaus may inaccurately report information from public court records or concerning debts. For example, they may mistakenly report a debt that has been settled as unpaid and other such errors. Such mistakes can lead to serious problems if not reported right away.
- Mixed credit files: The credit bureaus may mistakenly combine all or part of your credit file with that of someone else with a similar name and/or Social Security number. This can be damaging to your record if this person has credit problems or other financial issues.
- Out-of-date entries: Derogatory items can only remain on your reports for so long, so if you see records of old debt (typically from at least seven years or more ago) you may be able to have this removed from your report.
Requirements for Credit Reporting Agencies
The Fair Credit Reporting Act (FCRA) stipulates reasonable procedures that all agencies must follow to assure maximum accuracy in any report about you. It also allows you to request that they reinvestigate any inaccurate information or update information that may be too old to be reported. Doing so can help you avoid creditor harassment and obtain better rates for mortgage and auto loans.
If you find inaccurate information, you should:
- Identify the misleading piece of data
- Contact a consumer protection attorney
- Send a written request directly to them
- Wait up to 30 days for a response
Following this period, you will be within your rights to file a lawsuit and demand that the credit reporting agency implement the changes they are legally required to make.
Schedule a Free Consultation
If you decide to move forward with a lawsuit, you should consult an attorney to ensure you have a strong case prepared to fight for what you deserve. During your free consultation with one of our attorneys, we will go over the details of your situation and give you a clear road map of what to expect in the coming proceedings.