Common Credit Report Mistakes That Can Lower Your Credit Score
Credit reporting agencies have considerable authority and have no problem slapping a number on your credit that can have a serious impact on your finances. They also, however, make mistakes. If your credit score is artificially lowered, it not only affects your credit score but also your interest rates, your financial opportunities, and your overall creditworthiness. There are certain kinds of errors that are more common than others and knowing what to look for can help you better protect yourself. Our experienced South Carolina fair credit reporting attorney at Hays Cauley, P.C., welcomes the opportunity to help resolve any discrepancies on your credit report and to restore your credit score.
The Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) is the federal law that governs mistakes on credit reports throughout the nation, including South Carolina. The State of South Carolina also affords its citizens additional protections that relate to address discrepancy notices, which can play a significant role in credit report errors.
Incorrect Accounts
Incorrect accounts are one of the most common mistakes on credit reports. When you look over your credit report, it’s important to pay attention to the number of accounts that show up as open.
If you see anything that was opened without your consent, it could mean that the credit reporting agency mixed up your information and your accounts with another person’s. Often this is a function of one of the following:
- Having a similar SSN in common
- Having a similar name in common
- Having a similar date of birth in common
Alternatively, it could be an error in data entry. Regardless of the cause, however, correcting the error is paramount.
Account Reporting Errors
Credit reporting agencies are not immune to mistakes, and another common form is account reporting errors. Prime examples include all the following:
- Incorrect dates regarding missed or late payments
- Incorrect dates regarding accounts being opened or closed
- Inaccurate account balances
- Incorrect credit limits
- Authorized account users being listed as primary account holders
- Bankruptcy filings that didn’t happen
- Debts that should have aged out and automatically dropped off the credit report, but didn’t
- Closed accounts that are reported as open
A knowledgeable fair credit reporting lawyer can help you resolve your credit concerns and protect your creditworthiness.
Personal Information That Is Inaccurate
It’s not particularly unusual for credit reporting bureaus to make clerical errors that render personal information inaccurate. Unfortunately, mistakes like these can have a dramatic effect when it comes to passing background or credit checks. If the person you’ve been mistaken for is a bad bet in terms of either, you can suffer the consequences.
Our Experienced South Carolina Fair Credit Reporting Lawyer Is on Your Side
Penny Hays Cauley is our capable South Carolina fair credit reporting attorney at Hays Cauley, P.C., and she unleashes the full expression of her imposing experience and legal insight for every client we faithfully represent. Learn more by contacting us online or giving our firm a call at 843-665-1717 today.